Day 5
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Review
What is your business idea?
Who is your customer?
Who do you think will want to buy your product or service?
Everyone is not going to buy your product or service. For example, children cannot afford to buy a car from a dealership. Adults who live in Greenland or Iceland will not be buying many sandals and tank tops.
The people most likely to buy your product or service are called your target market.
Your target market sees the most benefit in your provided value.
To develop your target market, you need to determine the following:
Age
+ Children
+ Teenagers
+ Young Adults
+ Adults
+ Seniors
+ City
+ State
+ Country
+ What are some common interests of this group of people?
+ How do these people live?
For example, let’s say you live in Los Angeles, California. A store just opened up called “Organic Snacks To Go”. Let’s guess the target market of the new store.
What’s the age of this store’s target market?
– Age: Young Adults
What’s the location of this store’s target market?
– Location: Los Angeles, California, United States
What are the interests of this store’s target market?
– Interests: Healthy eating; Working out; Nature
What’s the lifestyle of this store’s target market?
– Lifestyle: Busy; Single; Doesn’t cook
Response
Who is most likely to buy your product or service?
How do you develop a target market?
Build Instructions
On the next slide, you will create the target market of your business idea.
Write down the age, location, interests, and lifestyle of your target market.
For example, Dwight would write down the information below for his target market.
Target Market:
- Age: Young Adults, Adults
- Location: Orange County, California
- Interests: Entrepreneurship; Technology; Innovation; Stock Market
- Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.
Industry: Mentorship
Product / Service: Service
Values: In-Person, Flexibility
Description: My business idea is to provide mentoring to startups.
Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
Business Builder
What is the age of your target market?
___________________________
Where is your target market located? (City, State, Country)
___________________________
What are the interests of your target market?
___________________________
What is the lifestyle of your target market?
___________________________
Pitch Instructions
Present your target market to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
A business that sells snow shoes will probably have a target market that is located in the _______________. (Multiple correct answers)
Mountains
The people most likely to buy your product or service are called your target market. (True or False)
True
What do you need to determine to develop your target market? (Multiple correct answers)
Age, Location, Interests, Lifestyle
When you are determining the lifestyle of your target market, you should ask the question:
How do these people live? (True or False)
True
A business that sells walking canes will probably have the age group of their target market be seniors? (True or False)
True
A business that sells river rafting expeditions will most likely have a target market with a lifestyle that is _____________. (Multiple correct answers)
Adventurous
Day 5 Homework
(Complete your homework assignment on paper)
List some businesses that have multiple target markets.
What are the positives and negatives of having different target markets?
As a new business, would you be more successful focusing on one target market or multiple? Why?