Target Market in a Business Plan | Plan Projections

 

business plan target market

To define a target market for your business plan, you should research the potential buying audience for your product. This could range from millions of people if you are starting an online business, to a few thousand individuals if you are opening a retail store in a small town. Target Market. The task then becomes determining, as closely as possible, exactly who those people are, and ‘targeting’ the business’s marketing efforts and dollars toward them. You, too, can build a better, stronger business, by identifying and serving a particular customer group – your target market. Mar 05,  · What is target marketing? Target marketing is researching and understanding your prospective customers’ interests, hobbies, and needs so that you can focus your message and your marketing budget on the specific segment of the market that is most likely to purchase your product or service. Identifying your target market: Who, what, why, how/5(4).


How to Write a Business Plan: The Market Analysis


When writing a business planthe focus of the Market Analysis section is a thorough examination of your target market : those people to whom you intend to sell your products or services. Even if you intend on selling a product service only within your own community, you won't be selling that service to everyone who lives there. Knowing exactly what type s of people might be interested in buying your product or service business plan target market how many of them reside in your projected area or region is fundamental date forming the foundation of your target market information for your Market Analysis.

But don't stop here. To succinctly define your target market, through polling or survey, ask members of your target market specific questions directly related to your products or services.

For instance, if you plan to sell computer-related services, business plan target market, ask business plan target market relating to the number of computing devices your prospective customers own. If you plan on selling garden furniture and accessories, ask what kinds of garden furniture or accessories your potential customers have bought in the past, how often; and what they have considered buying or expect to buy within the next year, three years, business plan target market, five years.

Once adequately armed with this information, you'll write the Market Analysis in the form of several short paragraphs using appropriate headings for each. If you have several target markets, you may want to number each.

Remember to properly cite your sources of information within the body of your Market Analysis as you write it. You and other readers of your business plan will need to know the sources of the statistics or opinions that you've gathered from others.

Some provinces and territories maintain up-to-date websites with official statistics and publications:. There are also a great many business plan target market resources for building target market information that you'll want to explore, including:. For instance, you might want to design a questionnaire and survey your target market to learn more about their habits and preferences relating to your product or service.

If you don't have the time or the research skills to thoroughly define your target market yourself, hiring a person or firm to do the market research for you can be a wise investment. By Susan Ward, business plan target market. Gen X? Gender Am I targeting men, women, or both sexes?

Marital Status Are my target customers married or single? Family What is their family structure number of children, extended family, etc, business plan target market.

Location Where do they live? Am I looking to sell locally? Regionally, Nationally? Education How well are they educated? Income What is their income? Occupation What do they do for a living? Religion Are they members of a particular religious group?

Language Are they members of a particular language group? Lifestyle What is their lifestyle like? Motivation What motivates them? Size What is the size of the target market? What proportion of your target market has used a product similar to yours before? How much of your product or service might your target market buy? What proportion of your target market might be repeat customers? How might your target market be affected by demographic shifts?

How might your target market be affected by economic events e. How might your target market be affected by larger socioeconomic trends?

How might your target market be affected by government policies e. Google Trends analysis can tell you how the number of searches has changed over time, business plan target market. Social media campaigns can give you an indication of the potential customer interest in your business idea. The U. Census Bureau www. Community, housing, economic, business plan target market, and business plan target market surveys are also available.

The Government of Canada's Canada Business Network website is an excellent place to start your research on your target market. Alberta Community Profiles : Profiles of Alberta communities including demographics and other statistics. Databank of official statistics on Quebec : Statistics compiled by Quebec departments and agencies.

Economic Research and Analysis Division : Research and economic forecast statistics. Continue Reading.

 

Target Market | Sample Online Business Plan

 

business plan target market

 

Target Market. The task then becomes determining, as closely as possible, exactly who those people are, and ‘targeting’ the business’s marketing efforts and dollars toward them. You, too, can build a better, stronger business, by identifying and serving a particular customer group – your target market. Mar 05,  · What is target marketing? Target marketing is researching and understanding your prospective customers’ interests, hobbies, and needs so that you can focus your message and your marketing budget on the specific segment of the market that is most likely to purchase your product or service. Identifying your target market: Who, what, why, how/5(4). Dec 12,  · When writing a business plan, the focus of the Market Analysis section is a thorough examination of your target market: those people to whom you intend to sell your products or services. Even if you intend on selling a product service only within your own community, you won't be selling that service to everyone who lives there.