Learning objectives: To understand the term “target market” Know how to identify a target market for your own business idea using market research.

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Presentation transcript:

Learning objectives: To understand the term “target market” Know how to identify a target market for your own business idea using market research

What is a “target market”? A specific group of customers that a business will aim its product or service at

Activity 1 Define a target market for the product you have been given Consider: –Age/life stage –Gender –Income –Lifestyle/interests –Family status

Would you buy this… £1,199 Sold in Halfords 3 colours, blue, red, black Free shopping basket, rain mac and walking stick

Or this…? Top quality continental chocolates £22.99 inc postage Purchase online through our website with your credit card Loyalty scheme, collect points toward free wine from Virgin Wines

What about this…? Converse All Stars £28.99 Available through high street shoe stores Range of colours

Or this…? “Season” ticket – 5 films for £15.00 Available for any film, any time, not 3D Buy online or in your nearest Odeon cinema

Why not? Are you the correct target market? If not, why not?

Activity 2 Imagine you are being asked to sell your item to the target market you have identified. What will you need to know to make the right decisions to get them to buy it? Write down a “need to know” list How will you find out the things that you need to know?

Primary Research This is research that an organisation carries out to identify and understand its target market It might be in the form of a questionnaire survey, a focus group, product testing and/or observation. A business decides what it needs to know then carries out research to find out.

Questionnaire design Base your questions on what you need to know. Come up with questions that would get you the following information…

I need to know… How much money my target market has to spend on my product Where my target market would be most likely to buy the product from What sort of offers would persuade my target market to buy my product How my target market would pay for my product

Closed questions By closing your questions it is easier to count up and make sense of the answers eg Yes less than £5 No£6 - £10 Don’t know£11 - £15

Activity 3 Create a questionnaire for your business idea, which will help you to –Identify the target market –Tell you what you need to know to make them want to buy it

Secondary Research This is research that was carried out by someone else (so it’s second hand to you) Lots of companies carry out research and sell the results – and many businesses buy it rather than carry out surveys themselves But! You generally have to pay so we’ll use government statistics – they’re free!

Activity 4 Google “neighbourhood statistics” Enter your postcode on the statistics website, and tick the “local authority” box. Find a list that could give you clues to the size of your target market

Activity 5 Go onto “Upmystreet.com” Enter the postcode of the area you might base your business You’ll find information about the people nearby – click “read my neighbourhood profile in full”