MODULE 3 PART 6: Marketing Aspects of New Ventures (Target Market)

Question 1

Essential in the market identification process to determine buyers’ everyday needs and characteristics (Anderson, 2022).

Answer 1

• Target Market

Question 2

(8) Customer Segmentation to Consider (Baker, 2022):

Answer 2

1. Demographic Segmentation (age, gender, income, education, marital status)
2. Geographic Segmentation (country, state, city, municipality, town)
3. Psychographic Segmentation (personality, values, attitude, interest)
4. Technographic Segmentation (mobile used, desktop used, softwares and apps used)
5. Behavioral Segmentation (tendencies and frequent actions, habits, features, product use)
6. Needs-based Segmentation (products or service must-haves)
7. Value-based Segmentation (Economic value of a particular customer group)
8. Firmographic Segmentation (group customers based on shared organization attributes)