Title: Explain the concept of target market.
Course: Entrepreneurship (12053-I) > Section: Understanding Marketing Principles

Explanation should include a definition of target marketing and market segmentation, with examples of each.

It should also define and address the importance of demographics, psychographics, and geographics of local, state, and national markets in relation to target markets in entrepreneurship.

Process/Skill Questions:

- Why would a business need to identify target markets?
- What questions help to identify a target market?
- Why is “everyone” not a target market, even though a business would want everyone to buy their product?
- How is a target market utilized?
- What is the relationship between segmenting a market and target marketing?
- What methods might be used to identify specific markets?
- What do all markets have in common?
- How are market, market segment, and target market different from one another? Why must an entrepreneur understand all three concepts?
- How is the marketing mix used to reach a business's target market?
- How can market identification help businesses respond to customers' needs and preferences?
- How are new forms of electronic marketing changing the way small businesses promote products/services?
- How do buying behaviors and attitudes vary among the different target market segments?
- Why would a new small business choose to use outbound marketing?
- What types of marketing practices would specific demographics find more personal?