Target audience business plan example

target market business

In this edited excerpt, the authors offer reasons why you may want to tailor your business plan to the audiences you're showing it to. Once analysed, you can differentiate the profitable segment from the non-profitable ones. This strategy unfortunately is not cost effective and involves a lot of research and development, as well as a whole range of promotion that is unique to each specific product.

We will cater to customers' bodies and minds, which will help us grow our market share in this competitive market.

Defining a specific target market eases the marketing decision making the process as marketers get to know about the most profitable set of customers and use most of their efforts and resources to woo them.

It is also a way the business can stand out against its competitors Kotler, et al.

Users of business plan

Come on! Once the decisions have been made about the target audience, it is time to tailor the plan accordingly. According to, Galvin , marketing is considered to be as simple as selling or promoting a product or service to a client, customer or consumer who is in need of the distinct product. When do they use the product? In the example below, the market is split into four main segments both in terms of number of customers and percentage of the total target market. According to Evans, O'Malley and Patterson, the direct marketing industry has been the fastest growing sector of marketing communications. As you learn more about your customers, how you define your target market will probably change. Online Market Research Sources in the U. Census Bureau www.

Once you have defined the target market: Explain the purchase habits of this demographic group. This serves up a custom message to a consumer who is already engaged and interested in the offering.

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How to Write a Business Plan: The Market Analysis