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.
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.