Day 6

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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

Location
+ City
+ State
+ Country
Interests
+ What are some common interests of this group of people?
Lifestyle
+ 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. 

Children can be an age group for a target market. (True or False)

True

Adults cannot be an age group for a target market.

False

A business that sells snow shoes will probably have a target market that is located in the _______________. (Multiple correct answers) 

Mountains

Everyone is going to buy your product or service.

False

The people most likely to buy your product or service are called your target market.

 

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

Some businesses don’t have a target market. (True or False)

False

Day 6 Homework 

(Complete your homework assignment on paper)

Write down the target market for two popular businesses.