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Answer the following questions to determine the profile of the market you're targeting: Source: www.businesspartners.co.za
Age What is the approximate age range of your customers? Remember that teenagers have different tastes and need different products and services from their grandparents and even parents?
Income Bracket Will your business cater for the needs of low or middle income, or the wealthier people in the community?
Gender Do you have male or female customers, or both? Although your goods may be used by male customers, who actually does the shopping?
Education and Culture These aspects frequently affect the style, fashion pricing, etc of merchandise which customers prefer.
Location Geographical aspects of your market are important. They affect the ease with which your customers can reach you and the kind of needs that arise from where they live.
Occupation Are your customers professional people, artisans or others, and what proportion of your customers fall into different occupational categories?
Answering these questions will enable you to define your market systematically and you will note that it is necessary to bear in mind your type of merchandise or services, and your target market. The one determines the other to a large extent. |