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After you have
defined the main market segments for your product/service, you can
select your target market. A target market is the most potentially
profitable market segment for what you are offering. Your marketing
plan will revolve around this group.
There are different
ways of deciding on a target market. Generally it is the group that
represents the highest potential for sales. It could be the largest
market segment or the group most likely to make repeated purchases;
it could also be the group that is willing to pay the most for your
product, or the group that is currently being ignored by the competition
(the underserved market). Remember that your entire marketing efforts
and therefore the focus of your business will be designed with this
group in mind. So selecting the right group is an important decision.
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