2. Target Market
The consumers a company wants to sell its
products and services to, and to whom it
directs its marketing efforts. A target
market can be separated from the market
as a whole by geography, buying power
and demographics, as well as by
psychographics. (Investopedia)
4. What product or service do you sell?
What features set it apart from similar
products?
Why would someone want to buy your
product or service? What benefits
does it offer to them? What problem
does it solve?
5. Is your product something that
customers want versus need?
Is it typically bought year round or
seasonally (holidays, summer,
back-to-school)?
And so on….
7. Who are your major competitors?
Why is your product or service better
than that of your competitor?
(Cheaper, additional features, more
convenience, better customer service,
etc.)
How is your competitor’s product
better than yours?
8. Who are your competitors
targeting?
Is your target market the same or
different than your competitors? If
different, how so?
9. Reality check
Is the market large enough to allow a
reasonable profit? Have you explored its
size? If the same market, can you appeal
more than your competitors? What makes
your product stand out? What percentage
share would you need to divert to be
profitable? If a different market, is it
viable?
10. Unique Selling Proposition (USP)
A description of the qualities that are
unique to a particular product or
service and that differentiate it in a
way which will make customers
purchase it rather than its rivals (The
Economist).
18. Market Segmentation
A marketing term referring to the aggregating of
prospective buyers into groups (segments) that have
common needs and will respond similarly to a marketing
action. Market segmentation enables companies to target
different categories of consumers who perceive the full
value of certain products and services differently from
one another. Generally three criteria can be used to
identify different market segments:
1) Homogeneity (common needs within segment)
2) Distinction (unique from other groups)
3) Reaction (similar response to market) (Investopedia)
19. How do I find all this information?
Primary
Surveys
Blogs, forums
Competitor websites
Secondary
Market research reports
Suppliers
Industry or trade associations
22. Claritas PRIZM
Analyze your current customers
to understand who is
purchasing your product or
service. With insights into
which types of consumers are
buying your products, you can
refine your strategies according
to marketplace demands.
