Oregon Target Market Worksheet
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How to fill out Target Market Worksheet?
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FAQ
This paper has defined four factors for targeting an attractive market, i.e. size of market, growth, stability, and competition that affects the business or firm to target an attractive market is analyzed using rational analysis.
Choose specific demographics to target.Age.Location.Gender.Income level.Education level.Marital or family status.Occupation.Ethnic background.
You can segment your target market along four key characteristics:Demographic: Who are your customers? Include information such as:Geographic: Where do they live? Include information such as:Psychographic: Why do they buy? Include information such as:Behaviouristic: How do they buy? Include information such as:
A target customer is an individual that's most likely to buy your product. And it's a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.
While defining your target audience you will be looking into these three elements:Geographic.Demographic.Psychographic.
How to conduct a target market analysisConduct market research.Identify your overall market.Segment your target demographics.Select your ideal market.Make projections.Create the document.
Multiply the number of potential customers in the market by the average purchase per customer. In this case they took the average number of customers in each segment over the five-year forecast period, and multiplied that by the average purchase per customer, to calculate the market value.
A target customer is an individual that's most likely to buy your product. And it's a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.
Explain the purchase habits of this demographic group. Show how your company will impact those purchase habits. Explain the motivation behind this demographic group and how you will help them meet their needs. Create and market business advantages to your targets.
How to Define Your Target MarketLook at your current customer base.Check out your competition.Analyze your product/service.Choose specific demographics to target.Consider the psychographics of your target.Evaluate your decision.Additional resources.
