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Target Market Segmentation

  • Broadcast in Entrepreneur
The Strategist

The Strategist

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It is extremely important that an entrepreneur create a customer profile so the target market of the business is clearly defined. The target market is formulated by an entrepreneur when starting a new business or introducing a new product into the marketplace. The marketing plan section of the business plan contains detailed information concerning the target market. A customer profile is created by selecting demographic and psychographic characteristics that reflect a customer who will most likely purchase the product or service. The target market is then continually monitored and analyzed for significant changes so the product or service can be altered if necessary. That is our focus on this edition of, "The Strategist." 

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