It is essential for every business enterprise to have a target market in whatever product or service it would provide. Failure to identify your target market would result to poor business performance since you did not identify the behavior and characteristics of your target customers. There a few number of ways to possibly target your market, you can either target by gender, age, work and market class.
Whenever you target your market, most of the times you would also place your business along with your target market. If you are targeting students, you would probably place your business near a School or University but there are some entities that might not do the same because of the hazards that they deal say for example a pharmaceutical company, even though it is ideal to put up near hospitals, they may opt not do so because the production of medicines might be harmful for the general public thus, they are asked to produce the medicines on isolated places.
Some factors that you might also need to consider in targeting your market are the competitors, if you would only have a few competitors in the chosen field, it might be beneficial for you to put up your desired business, but if you would be having a lot of competitors in the chosen field, you might as well think twice before pursuing your business.
Observing the behavior of your target market could also help you in selling your products or services. Say for example you are targeting to sell school supplies to students and you notice that most of the students loose their pens, you could sell laced pens to them since it would lessen the chance of loosing it compare to ordinary pens.
Marketing is a very complex study but may be simplified. Most successful businessmen are good marketers because they have observed what their target market needs are. Marketing can be applied in a number of ways, the simple task of identifying a need of a society or group of people can be characterized as marketing. If you plan on establishing your business and you do are a poor financial planner but you feel that your idea would surely be a hit and pursued it, you are a good marketer because you are seeing things the other way around.