Assignment 4: Final Business Plan
Running Head: TARGET MARKET SECTION 1
TARGET MARKET SECTION 1
Target market section
A target market for a small business is a group of people that the business is targeting to sell their products. These people are the customers who are likely to buy the goods of the business. A target market segment is a group of people that share one or more characteristics that a business is targeting to sell its products (Wasilewska et al., 2019). For a store retail business, there is a primary and secondary target market segment.
Walk-in customers are the primary target market segment for store retail. Most of these customers are fast and furious; therefore, they want to do their shopping as fast as possible. Also, the majority of the walk-in customers are budget conscious who are fixed to a specific budget. They, therefore, look for products with low prices and discounted items. Additionally, they are habitual customers. The walk-in customers are mostly royal to the store as they buy products from the stores whenever they want them.
Online shoppers are the secondary target market segment. It is because they are smart shoppers. They consider their ability to shop as they think they can spot bargain very easily. They also are not budget conscious and are therefore looking for products with the best value. Also, online shoppers are always looking for quality, and they tend to equate value with quality. They also prefer high-status brands and are willing to spend a lot of money only to get high quality. Additionally, online shoppers are a variety of seekers, and most are people under the age of fifty years (Liao et al., 2017). They enjoy trying different tastes and also trying new products.
Therefore, when considering starting a business, one needs first to identify the target market. A better understanding of different types of target markets leads to better marketing strategies. Hence, for a business to be successful, the store retail owner needs to identify the preferences of each market segment
References
Liao, C., Lin, H. N., Luo, M. M., & Chea, S. (2017). Factors influencing online shoppers repurchase intentions: The roles of satisfaction and regret. Information & Management, 54(5), 651-668.
Wasilewska, N., Bludova, T., Kudenko, O., & Tokar, V. (2019). Evaluation of target market segments for enterprises. Scientific Journal of Warsaw University of Life Sciences-SGGW-European Policies, Finance and Marketing, (22 (71)).