market based

How Do Entrepreneurs Identify Their Target Market?

Identifying the target market involves segmenting the broader market into smaller, more manageable groups of potential customers. Entrepreneurs can do this by:
1. Demographic segmentation (age, gender, income).
2. Geographic segmentation (location, climate).
3. Psychographic segmentation (lifestyle, values).
4. Behavioral segmentation (purchase behavior, usage rate).
Understanding these segments allows entrepreneurs to tailor their products and marketing efforts to meet specific needs.

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