Categorization of Target Market Examples Business Plan 

Target market is the thing that business owners do when they want to set up their business. Do you want to know the target market examples business plan? Let’s read this article to get more information about it.

What Is Target Market and How to Establish One?

What is target market? Target market is the thing that business owners do when they want to set up their business. Target market means specifying the consumer segment based on the business market you offer. When you define a specific target market, it will help you to make the marketing decision.

By knowing who is your target market, it will make it easier to prepare your business target and compete with other business competitors. Here are the steps to define your business target market.

• Market Segment: You have to segment your business market based on several things such as  geographics, demographics, psychographics, and also behavioral patterns.
• Identify Your USP: You need to identify your USP by knowing your selling proposition and what things make your business different from others.
• Analyze Your Customer Base: For the better service, you need to collect and analyze your customer data.
• Analyze Your Competitors’ Customer Base: Not only customers base, you also need to analyze your competitors data to see what things you need to improve in your business to compete with the competitors.
• Release An MVP: You can define your target market by releasing an MVP. It helps to validate your target market assumptions.

Read also: How a Business Creates Awareness in the Market? Find Out!

Examples of Target Market From Major Business in the Philippines

Specifying your target market is important for your business. You can try to find the target market paragraph examples to help you define it. By specifying your target market, you can serve the right customer with your business products. Here are some of the target examples for you.

Target Market of Facebook

You must know what Facebook is. Facebook is one of the most popular social media. Before facebook became popular, the founders had a target market by targeting the US college students. Nowadays facebook has widened its target market.

Target Market of McDonald’s

One of the famous target market example for food business is McDonald’s. McDonald’s is one of the fast food restaurants with a target customer in the age group of 7 to 45 years old.

The Correlation between Target Market and Business Plan

Target market is the target of the customer you are making. By making your target market, you will know who will buy your market, whose taste you need to follow. One of the target market example for clothing is Zara. Zara is a popular brand with customer targets from teenagers to adults. 

Before making your list of target markets, you need to know that target market are usually divided in 3 aspects such as:

• Demographics: The target market demographics examples such as gender, age, marital status, income and so on.
• Geographics: You can define your target market by looking at their location and what countries they live in.
• Psychographics: The examples of psychographics are things they like and dislike, what the problems they are facing and so on.

By understanding and knowing your customers well, you will be able to make products that can solve their problems. By knowing your target market as well as target audience, you will be able to:

• Develop your business products. 
• Set the suitable price.
• Choosing the best marketing channels.
• Find the good features to highlight.
• Find a good and related keywords.

Read also: 3 Business Plan Examples With Benefits Of Writing It

Writing Your Business Plan According To Your Target Market

When you intend to set up a business, it is very recommended to write your business plan. Business plan can be used as your business guidance so that you will not go out of the way. Here are the things you need to write in your business plan such as: 

Identify the Benefits of Your Business

The first thing you can write is about your business benefits. You have to list down what benefits will your business give to other people. Besides that, you also need to write why people need to choose your products and what things make your business different from others. 

Identify Who Will Benefit Most 

Once you have identified your business benefits, then you need to identify who will get the most benefits when using your products, and who would buy your product mostly. By doing this, it can help you to minimize your target market based on the demographics.To identify it accurately, you need to think about who will love the products or services you offer. You can narrow your target market based on their location, age, gender and others.

Define Your Target Market

Then you need to define your target market by using user personas. Here are several things about user personas that you need to find out such as daily routines, lifestyle, interest, customer’s likes and dislikes, values and so on.

You can try to get the information in several ways. If you already have customers, you can ask them to fill in the survey card or questionaire. Feedback also works. Another way to find out is by using polls or QnA on social media platforms.

Stay Objective

For a better target market, you need to be objective. Don’t ever use assumptions on making a target market or when you are running a business. 

Identify Who Influences the Buying Decision

Beside making your target market, you also need to identify what things that impact your customers purchase decision. Your target audience is related to the people that influence the purchase decision.

Check Your Competitors 

Another thing that you need to find out is your competitors. Competitors are those that have the same business as yours. When you have identified your competitors, you will know what are the best marketing strategies you should make for your business. 

Conclusion

Target market means specifying the consumer segment based on the business market you offer. When you define a specific target market, it will help you to make the marketing decision.

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