APP 004 Flashcards
A group of consumers within a business’s serviceable available market at which a business aims its marketing efforts and resources. A target market of the total market for a product or service.
TARGET MARKET
A small group of consumers can o0fffer the firm a large opportunity to grow sales.
TARGET MARKETING FINDS GROWTH POTENTIAL.
The importance of a target audience is that consumers in a target market share various characteristics that make them more likely than other consumers to show interest in the firm’s offering.
TARGT MARKETING BUILDS INTEREST
The promotional resources can be concentrated on a target market, while the advertising message is designed specifically to resonate with consumers in that group.
TARGET MARKETING CREATES BRAND LOYALTY
The company can establish itself as an expert on the wants and needs of the group. It is able to react quickly to changes in its interests or opinions and keep a careful eye on attempts by other firms to lure those customers away.
TARGET MARKETING KEEPS FIRMS COMPETITIVE
The six types of how to define your target market?
LOOK AT YOUR CURRENT COSTUMER BASE, CHECK OUT YOUR COMPETITION, ANALYZE YOUR PRODUCT/SERVICE, CHOOSE SPECIFIC DEMOGRAPHICS TO TARGET, AND EVALUATE YOUR DECISION.
What are the six elements of a business plan?
EXECUTIVE SUMMARY, PRODUCTS AND SERVICES, MARKET ANALYSIS, MARKET STRATEGY, FINANCIAL PLANNING, AND BUDGET.
What is the two types of business plans?
TRADITIONAL BUSINESS PLANS AND LEAN START-UP BUSINESS PLANS.
A business plans that is the most common, they are the standard. Have a more details in each section. A much longer and require a lot more work.
TRADITIONAL BUSINESS PLANS
A business plans that is on the other hand, use a standard structure evern though they aren’t as common in the business world. If a company uses this kind of plan, they should expect to provide more detail if an investor or lender requests it.
LEAN START-UP BUSINESS PLANS
what are the five purposes of a business plan?
PROVIDE A ROAD MAP, UNDERSTAND WHAT TO FOCUSON, RAISE FINANCE, MANAGE YOUR BUSINESSS EFFECTIVEYLY, AND FUELING AMBITION AND MAPPING GROWTH.
A part of a purpose business plan that will give you something concrete by which to monitor and assess the progress you make.
PROVIDE A ROAD MAP
It is an emotional roller coaster of mass excitement and sharp shots o anxiety. A “to do’s”
UNDERSTAND WHAT TO FOCUS ON
This is to support your growth that will require an injection of funding.
RAISE FINANCE
The fundamental to the long term future of your business.
MANAGE YOUR BUSINESS EFFECTIVELY
