Target Markets
The target market is the individuals or companies that are interested in a particular product or service and are willing and able to pay for it. Identifying your target market helps you to reach the people you would most likely want to sell to.
To identify the target market for your product or service, you will need to answer the following questions:
- Who are my customers: individuals or companies?
- If my customers are individuals, how old are they? How much money do they earn? Where do they live? How do they spend their time and money?
- If my customers are companies, what industries are they in? Where are they located?
- What needs or wants will my product or service satisfy?
- How many potential customers live in the area in which I want to operate?
- Where do these potential customers currently buy the products or services I want to sell them?
- What prices are they willing to pay for my products or services?
- What can I do for my customers that other companies are not already doing for them?
Who is your target market? In your posting include business name, a brief description of your business, and identify your target market. Reply to two of your classmates postings regarding their target market.
58 comments:
My target market would be to those able to hunt, so ages ranging anywhere from 12 to 80 years old. The name of is the Hunting Hut, my business will offer various supplies for hunting such as guns and knives and everything necessary for a successful hunt.
My target market would be pretty much anyone, but would concentrate on middle-aged families with disposable income. They would be the ones to come in and spend the most money on a dinner. For lunch, I would focus on working adults looking for a good and quick lunch and high school students who would come in after school or if they are allowed to leave school for lunch. My business is a BBQ and steak house that serves good quality food at varying prices, from very inexpensive to a higher end to match the quality.
My target Market is to sell to 15-37. most Teenagers and Younger adults like to tan, hair, make-up, massages, exc. The name of my business is Simply Paridise and it is a place where you can come and relax.
My business will be owning a bakery called Jensen's Bake Shop. For this particular business, there isn't really any target market. Anyone person will want to get some baked goods or beverages. There is no age limitation to it.
My business is a hair salon and a spa called Courtney's Salon and Spa. All age groups are my target market because anyone can get their haircut or enjoy a day at the spa.
my target market would be drunks and sports fans who enjoy a competitive match on the TV.i also want people that enjoy good american food with a good cold glass of beer. family will also be able to attend just to have a nice meal with there family and freinds.
My target market is basically anyone who needs a hair cut. The difference with my salon is eventually, I would like to only have customers of the higher class (aka celebraties). The name of my salon is La Pina Hair Salon. It serves your basic needs of beauty for both men and women. It involes cutting, coloring, and perming of hair. Also waxing is available. It is more of a personal business then something like cost cutters or Fantastic Sams. Although I have people working for me, they are also working with me. There is a no walk in policy so appts. must be made. Now this limits it down to men and women who need a quality haircut who can make an appt. :]
I want to open a store called Tabletop Worlds, which would sell card games, board games, role-playing games, and anything in between. The main focus of the business would be to provide a place for people to come together and space to play games. My target market spans all ages, but is mostly focused on high school and college students. They have the fewest responsibilities and thus the most extra spending money. The people that will be easiest to attract are the people that want to play, but have trouble finding people to play with or a place to meet. Most game stores just don't have enough space to allow multiple games to happen at once. I plan on devoting at least half of my store to game tables. Anyone who wants to play will be able to do so whenever they want, and most, if not all, of the major nationwide events will be held in my store, which will attract people who normally have to drive far away to be able to attend those events.
My target market spans from young children to old adults, probably focusing on young kids and young adults who want to begin to learn how to ride horses or need a place to board their horse(s). My business, Oakvale Farm, will be a larger facility than most, which will able to accomadate to more people because it will offer more services.
Shayna,
I think your business is a good idea. There aren't enough strait hunting stores. Sporting goods stores have turned into less hutn and more sports. This is a great way to focus on the hunting aspect of apperal and supplies.
:]
Brian,
hey! I like your idea for the BBQ. It sounds tasty and sounds like a good time. I like that it has a wide span of priced foods. I know I feel like if I pay more for a meal, it's going to be better. Good work.
:]
Kaity,
I like the idea that your business is more upper class and personal than most hair salons. And the fact that it accomadates both men and women who would like to be stylish;]
To Courtney:
All age groups might be part of your potential market, but who are you going to focus on when you make ads? Who is the most likely to come to a spa? Who is going to have the money or motivation to pay for the more complicated treatments?
My target maket will be anyone who needs work on their house or garage or anything. i will advertise so people will call me, and then i willl hop in my truck and go to work.
Rachel,
I think that your bakery idea is a great. There isn't enough places to be able to go and buy a cake or baked good for a party or some kind of celebration.
My aircraft company would be called Deuel Aviation. My target market focusses on those who wish to have an aircraft that is not "run of the mill". these people maybe 12 or 112. people who are interested in such an aircraft would be the "fighter jocks", racing pilots, or people who want more power, longer range, and faster, tighter turns. Needless to say these people would have to be fairly wealthy. this nich in the market has been more or less unattended to; this is my main stratagey
kits will also be avalible to those who do not have $200,000 to spend, but are confident in their building skills. eventualy business aircraft will be made avalible thus expanding the target market even more. later light aircraft, and gliders will be added to the line, these will also be high preformance, but not in the sense of speed, but in reliability, and effincencey
Rachel,
Your bake shop sounds like a good idea. It looks like you will have a lot of good business.
Shayna, I think that your bussiness is a good idea, there are alot of people who love to hunt, and another place to get the things that you need to hunt is just amazing.
Courtney,
I think your business is an excellent idea. No matter who the person is, they most likely will need the needs that your businees meets and provides to them.
My target market will be anyone who wants to have anykind of drink after work or on the weekend. My target ages will be people from the ages of 21 and up. My busness is an irish pub which will serve fine beer and various liquir drinks. I will have appetizers but not a full meal, suchas wings, fries, and other stuff like that.
Courtney, I think your business is an amazing place, who doesnt like to go to the spa for the day or what a good place to get your hair cut
Bill,
sounds good to me. I agree most game stores dont have the room to host multiple torniments at once, so that would act as a major attracting point.
Fred
Carrie,
It sounds like an exciting business. Many people will want to learn how to ride horses. Also people probably want horses but wouldn't have any room to keep them.
Kaity,
I think your business idea is a very good idea because having it more confined and official you will be able to have more of a relationship with your clients making it a very homey and inviting enviroment!=]
-Shayna
Chelsey,
I like your idea of a spa related business. You can easily get people who have stress to come and relax and you can provide needs for others who is in need of hair stuff, tans, and so on.
Oh, bill how competitive is that market?? Fred
To FerrariFan91:
If I read your description right, you are going to sell actual airplanes. In that case, when thinking about your target market, remember the numerous after-purchase costs of owning a airplane. You need to rest or buy a place to store, gas continues to rise in price, and maintinance is expensive. Even with the less expensive kits, you are still looking at appealing to fairly rich people.
Bill, yes I am looking twards the fairly rich. aircraft maintinance can be done by your self as long as you have at least 1,000 hours in that particular aircraft.
as one of my side projects I want to be looking at alturnitive fuels like hydrogen, also aircraft fuel is synthetic so its not subject to the current "situation".
Fred
Matt, lol, but seriously what do you see as "american" food, most of our foods came from over seas. (the hamburger,and hot dog from Germany. BBQ is hard to trace, but most every culutre has some form of it)
what wouldyou do about a possible "confrontation" between rival sports team fans??
Rachel,
Your business sounds like a really good idea, you don't really find that many bake shops around here where you can get a good cake for parties and such.
=]
My target market would be both girls and guys of all ages but would mainly focus on people ages 10-40. When kids hit the age of 10 they want to start doing new things with their hair and people at the age of 40 want to still keep that fun and stylish look! The name of my business would be Kreative Touch because i am not like everyone else. My business will offer hair cuts, coloring, highlights, waxing, and perms. I would be the only person working at my salon and there for would be able to build a strong one on one relationship with all of my clients. Everyone can use a Kreative Touch.
matt,
your business sound very good and it sounds as though you are targeting the right people. The food sounds really good and I think I would want to go there for a football game and good American food.
Rachel,
I really love the idea of your business. The fact that anyone can come in and get a quick sweet to eat or a drink is great. I believe that its great because there aren’t enough business like this around.
Karli
Bryan,
The idea of your business is great. I really like that your business includes both people who make little income and people who are very wealthy, you cant find a place like that very often. I also like that you’d be open for lunch, people are always lookin to grab a quick bite to eat and your business sounds like it’d be a great place to do just that.
Karli
Matt, what would you do with someone who is like "grade A" drunk?? my dad worked at a simmilar place, and you would be supprised how often something like that happens.
Fred
Shayna,
Your business sounds like it would do very well in our area. I agree with Kaity that most sporting goods stores are forgeting hunting and a store closer than Gander Mountian would be nice for hunters to get their gear.
Fred
I would just give him another beer and hope he keeps drinking and spending money money money!!( hope he is not a pilot).
Bill you may allso want to look twards younger people as well (10+) they allso like to game alot (heh, just look at my brother) are you familiar with the pirateas series of games made by Wizkidz games? that would appeal to younger kids alot.
Matt, OMG man, you know that's not legal right? and about that pilot part: aslong as he doesnt have to fly home hes ok.
MATT DONT EVEN THINK ABOUT IT!!!!!!!!!!
Matt, its bad business sense too.
pubechin
your business sounds great except for one thing some times the unwealthey enjoy the same things that the wealthy do but cant afford it but in your business it is centered tward the wealthy is there a way you could make it so the less wealthey could afford to buy your products.
Matt I warned you, no, not realy I cant realy make the aircraft any cheaper however the kits would be like $50,000 , but they would have to be built, and still need the engine, and other little bits and bobs. the only thing i can think of that would be more appealing to the less wealthy is a hang glider, but thats not even close to what the normal aircraft would be.
Fred
To appeal to the lower income customers, could you make a rental system where they can just rent a plane for the day and make them customers that want to keep coming back and maybe, eventually, save up for their own aircraft.
Bryan, that a good I dea its called "parital owner ship" and basicaly people buy a part of the aircraft , and get to use it when ever they want, but if two or more people want to go then there will be a problem, thae planes are only single seaters for the most part.
another part of my target market could be flight schools, high preformance training takes alot of time, and money, but for normalo flight training al little milder aircraft could be used
The business I am operating is my independent music label, Cawley Records. My target market is basically anyone that is relatively young with alternative rock musical talent looking to get signed and produce some good, non-mainstream music. My label will offer quality treatment for the artists and would actually have an interest in the acts that they sign. Although obtaining money is one of my goals, being honest and creating something that I would enjoy is also important. The royalty fees charged to my clients would be a fair amount, enough to make a profit myself, but for the artist to be content too.
My target market is people who are trying to stay healthy and in shape, fat people to get them in shape, athletes, and body builders. The name of my business in Shelley's Body Building, and we offer various equipment curving from tredmiles, bikes, olipticals, all free weights, complete dumbells with racks, and many machines.
courtney,
i luv the idea of a spa and your right when you say that everyone would enjoy a relaxing day @ ur business but you might be able to minimize your target market a little more. your business may not appeal to men as much as women, and people who are younger in age may not be drawn to your business as much as the older, 9 to 5 working individual. so when your advertising it could help to narrow it down a little
kaity,
your hair salon sounds SERIOUS mwah. luv the idea but where is it goona be located? you have a unique idea for this area which would draw in a lot of customers but not many celebs comin round here these days xcept for the occasional band.
lata
Whoopie thats a good deal ill be there
dan
ill go to your place to
Whoopy,
your place rocks I totally argree with you about sitting down and chilling with a good beer and an american burger.
Jerry
If i ever need my house bricked or something, you'll be the first one I call.
Thanks Dan
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