Entrepreneurship Unit 2.1. Analyzing a business’s customers. Students will analyze their market’s customers. Students will be able to: Define target market Define market segmentation by demographics, psychographics, geographics, and buying characteristics
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Analyzing a business’s customers
– knowledge of and personal experiences with the actual goods or services.
How many potential buyers are in the market?
Product information and product availability must be considered.
i.e., that people are interested in the
where to buy influenced by peers.
You can organize a focus group of people whose opinions are studied to determine the opinions that can be expected from a larger population.
Develop a customer profile. Learn the age, gender, occupation, income, and buying habits of potential customers. Such information can be collected through questionnaires, interviews, or observation.
Example: Before opening a hobby store, you need to know who your first customers will be and what they want? Also, you must gather information about the competition.
1. What are the demographics of your customer?
2. Would potential customers purchase your product or service? Why or why not?
Categorize data based on the research question it answers. Working on each question, note how many of your sources supported a particular conclusion and how many did not. This data can help you refine your market analysis.
Now that your information has been organized, ask yourself these questions:
Created by: JJ Abernathy
Snow Canyon High School