CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning3 Marks
Question
How is target market identified while preparing the marketing plan? State.
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Answer
The identification of the "target market” involves:
Deciding what the general market or industry entrepreneur wishes to pursue is based, on market research or industry analysis done and complied with by competent people or the entrepreneurs.
Divide the market into smaller groups based on:
Consumer's characteristics viz. Geographic (State, Country etc.)
Demographic (Sex, age, etc.)
Psychographics (Personality, life style, etc.)
Buying situations viz.
Usage
Desired benefits (features of product)
Buying conditions (time available etc.)
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