How does a business identify and select a target market?

How does a business identify and select a target market?

Identifying and selecting a target market is a crucial step for any business. It helps to achieve higher profits and growth. Businesses should start by conducting market research to identify potential customers, their needs, and preferences. They should also consider the size, demographics, and location of the target market. Once potential customers are identified, businesses should select the most profitable target market. This involves evaluating the potential return on investment and risk. Additionally, businesses should consider the cost of marketing and reaching their target market. With careful research and analysis, businesses can identify and select the most suitable target market to achieve their desired growth and success.

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