Entrepreneurship: 4.1 Identify your Market

Data that describe a group of people in terms of their age, education, ethnicity, gender, etc

Data that describe a group of people in terms of their opinions, tastes, and lifestyle habits

Data that helps you determine where your potential customers live & how far they will travel.

Groups of customers within a large market who share common characteristics.

Identifying your target market can help determine the potential demand for your product.

A description of the characteristics of the person that is likely to purchase a product.

The individuals/companies that are interested in a particular product & are able to pay for it

Use-based data will help you determine how often potential customers use a particular service.

Market segmentation is only important because most products appeal to a large number of people.

A marketing strategy identifies those customers that you can serve better than your competitors