Conclusion: Creating a truly effective Marketing Plan that gives you a flow of high quality new clients, predictably and systematically, is both critically important to the health of your business as well as pivotal to your success in life financially and email list personally. To ensure that marketing efforts fulfill customers' needs and wants as well as bring profits, the business should identify and focus its efforts on a selected group of customers.
This is to ensure that the marketing efforts taken are within the scope and capabilities of the business. The target market is therefore defined as a group of customers with specific needs and wants that can be satisfied by the business through supply of specific goods and/or services. Importance of Identifying the Target Market There are several reasons why a business decides on a specific target market.
The first reason is that it is impractical and almost impossible for a business to offer a product that can satisfy the needs and wants for the entire population. The second reason is that most business has limited resources in terms of time, money and manpower. This limitation means that the business must focus its activities on attracting a core group of customers that has the highest potential to purchase goods or services offered.