Target Market Selection Process

  • It is time to start figuring out who needs your product. Begin by looking at what problem your product or service solves. Then look at your potential consumer demographics, decide which demographics might be the best fit for your potential customers.
    • Who are your potential customers?
    • Are there any demographics that may be untapped?
    • Include any additional information that may factor into this, such as cultural buying behavior, generational attributes, and age factors.
  • Identify the targeting strategy that your selected company uses. Does your new product fit in with this strategy?
  • Describe in detail the specific target markets your chosen company should be considering for your new product. Why do you believe this segment will offer growth and profit opportunities?
  • Look at and select several outlets or locations that would potentially merchandise and sell your product or service.
    • Describe the different factors that key buyers may also be considering when making this decision.
    • Add references and citations

Requirements: 2 to 3 pages

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