A well-defined target market that yields opportunity and sales for your business.
Your target market is the customer base your business will serve.
To successfully market your product or service, you need to narrow your potential customer base to a specific target market. Identifying this target market is a critical step in creating a winning business model and marketing strategy.
a. How well your product or service fills unmet market needs
b. The profit potential of the market segment
c. The level of sales you can expect from that segment
d. Potential channel conflicts
e. How favorable or unfavorable the competitive environment may be
f. Whether this market segment fits your business vision and skills
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