How to Determine the Target Market of Your Business.

Knowing the target market of your business idea before you invest in it is essential. For instance if you are promoting a product that is targeted towards women with low income and the unessential product is more then they make in a month, you may want to rethink your business. To determine the marketability of your business' service or product you will need to learn about your potential customers. Four answerers to relatively basic questions will help determine the marketability of your business, helping you decide if the work will be worth the effort.

Instructions

Difficulty: Moderate

Things You’ll Need:

• The ability to be realistic.

1. What need does the service or product satisfy? Be very technical and detailed. Don't forget the basics.
2. Who needs and can afford what I am promoting? Are you targeting a specific age, social, or ethnic group.
3. Who will have the authoritative buying power of what I want to sell? For instance if you are selling prom dresses you will also need marketing techniques that are acceptable by a parent.
4. How accessible will my product or service be to my target market? This issue is shirking due to the overwhelming use of the internet, however some products may not be successful if they are only promoted online.
5. With your answers of the questions above determine if all the answers fit together. For example can your product be marketable to individuals that may use the product and can they afford it?

Tips & Warnings

• Check out links in resource box below other relevant articles.