Analyzing the Target Market, Part 1
The next step in the marketing plan is to understand, define, and analyze the target market. It is essential to know who your customers are and what, when, where, why, how, how much, and how often they buy. Your product may not meet the needs and wants of the mass market, but rather a particular segment (or several segments) of that market. You would waste resources trying to reach the mass market if this was the case. For example, you could waste money when advertising and communicating the intended message to the wrong people, or when distributing on an intensive basis. It is, therefore, better to do the following things:
- Find out more information on your customers through marketing ...