Target Markets

What are target markets? How would you determine the target markets for your new product or service? What are the advantages of developing specific market targets for a small business?

What are target markets? Target markets are specific populations that organizations seek to attract to their product. A specific type of market that they assume will purchase their product. In order to do this the business must first evaluate the market segments based on how these things substantial, accessible, actionable, differentiable, and measurable the markets are within the area. If I were selling a product I would have to determine whether or not it was too large or too small to effectively gain the traction needed within that market. As the owner of this product I would have to have access to the market and physically be able to sell the product within that market. We would have to think about the cost of the product and how much it would cost to market in that area. Some areas of the market are costly. Some of the advantages of developing specific market targets for a small business would include a strong reputation that serves their customer’s . You also have to find that niche within the market that attracts the customer’s to your doorstep and then you have to keep them interested in the product and show them how it will benefit your customer.

Advantages on Small Business

Small businesses should focus on one particular advantage because that would be the better way to go especially depending on the area and what is around. Building the business on one advantage at a time will allow the business to become stronger and can go through the other advantages when the business is well established in the ground. Having all the advantages mastered is one of the important things for the business to balance the way the business grows, and increases sales. By focusing on one advantage at a time the small business will achieve the goals and objectives that they have set in place. My family and I are planning to use some space this spring and summer for an every weekend yard-sale. There are openings on either side of the barn that we have and all we have to do is put some tables up and we are ready to go. But while we are doing the yard-sale we are building up the inside for an antique shop by building it little by little and putting the money that we make from the yard-sale back into more tables, and fixing up the inside of the barn to resemble a shop. Being flexible in the services that are offered to the customer’s. We are also planning to sell some fresh produce as well and introduce new things as we go along.

The Advantage of Speed

How does the advantage of speed affect small businesses? List two ways rapid response may be incorporated into an organization’s workflow and provide one example.

When researching about the advantage of speed which, can be looked at in many different ways. The advantage of speed affects small businesses compared to larger businesses because the larger business can deliver on the contract faster than a small business would be able to. The larger companies have the advantage of speed because they can deliver to customer’s at a faster pace than a smaller business would be able to. If this were to happen on a frequently basis then the smaller business would lose much of the business that they had within that community. This could affect small business to the point of closing their doors because they do not have enough business to stay open. I have seen some small businesses fail because of the larger companies that offer the same types of services. Here, in my hometown there is one place I can think of that has been several different things and they did not do that well in the area that they established their business. This is a small town and there are small businesses all around but some of them do not make it in this small town because they do not have enough business. Furthermore, if the small business has the advantage of speed within the establishment this would increase the amount of business that the company has within the community. The small business needs to assure the consumer’s that they can produce and provide their services to the consumer’s faster than the competitor’s for a better price. Increasing the sales revenue is on every business to keep that business and increasing the sales of the small business. By incorporating rapid response into the organizations work flow can be done by providing flexibility and differentiation. When a small business incorporates flexibility the small business can ultimately respond rapidly to the changing needs of those customer’s that come into their establishment. If I were a small business owner I would want to be ready for the customer’s and want to have what they needed so that I can keep that business from those customer’s. By listening to what the customer wants the small business is able to provide what the customer needs.