ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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manufacturers
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trade organizations
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other businesses
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target customers
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Detailed explanation-1: -A target market is the group of people most likely to purchase a specific product or service. It’s important for businesses to understand their target market, because members of this group are most likely to buy and recommend their products, improving the number of sales.
Detailed explanation-2: -Demographics such as age, gender, education level, occupation, and family situation can help you determine what your customers need and what they’re willing to spend. Beyond this, you should also consider who your customers are as people. What do they value?
Detailed explanation-3: -A target customer is an individual that’s most likely to buy your product. And it’s a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.