[SOLVED] Identifying Target Market
Before a business can effectively create and implement a marketing plan, it must first determine its target market. No matter how amazing the product, good, or service may be, not everyone is a potential customer! In this assignment you will consider a new product and then define the market you would target with your marketing efforts. Your Task Select one of the following products, goods, or services as the basis for your written assignment: 1) An intelligent home system that monitors the residents movements through the house and sends information to family members, caregivers, and medical providers. For example, handrails on the stairs contain heart rate monitors. For the product or service you chose, prepare a Target Market Report that includes the following information: Identify the customer need(s) that the product/service addresses. This should include who the product/service is designed for, the unique features of the product/service, and who would you want your customers to be. Separate the large market you identified into smaller segments. After creating these smaller subgroups, determine which ones you believe would be the most profitable or productive to target. Create a profile of your target segments as described in your text. Now that you have identified a market segment to target, is it large enough to sustain the product/service in both the long and short term? You may want to look at demographic information from your state or federal databases, such as www.census.gov (Links to an external site.) .