The second step in creating a market plan is to identify your target market. The target market is a group of people who have the potential to become your customers.
You need to know who your target market is, their needs and desires, behavior, and where they are located.
To identify your target market, you can conduct market research, both primary and secondary. Primary market research is conducted directly by you, such as through surveys, interviews, or observations. Secondary market research uses existing data, such as from the internet, books, or journals.
By knowing your target market, you can tailor your products, pricing, promotion, and distribution to meet their needs and desires.
You can also determine segmentation, dividing your target market into more specific groups based on characteristics such as demographics, geography, psychographics, or behavior. With segmentation, you can be more focused and effective in reaching your target market.
3. Know Your Competitors
