Target Markets

What are target markets? How would you determine the target markets for your new product or service? What are the advantages of developing specific market targets for a small business?

What are target markets? Target markets are specific populations that organizations seek to attract to their product. A specific type of market that they assume will purchase their product. In order to do this the business must first evaluate the market segments based on how these things substantial, accessible, actionable, differentiable, and measurable the markets are within the area. If I were selling a product I would have to determine whether or not it was too large or too small to effectively gain the traction needed within that market. As the owner of this product I would have to have access to the market and physically be able to sell the product within that market. We would have to think about the cost of the product and how much it would cost to market in that area. Some areas of the market are costly. Some of the advantages of developing specific market targets for a small business would include a strong reputation that serves their customer’s . You also have to find that niche within the market that attracts the customer’s to your doorstep and then you have to keep them interested in the product and show them how it will benefit your customer.

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