Description of Target Market

Target Market Worksheet
Part 1: Description of Target Market
left487045My target customers are small e-commerce businesses, which are the most attacked segment. 43% of cyber-attacks are targeted at small businesses and about 60% of victims are forced to close shop within 6 months. Small businesses typically generate lower revenue and profitability than other businesses that operate on a larger scale, have smaller teams of employees, serve a small market area, and are owned by one or a few people. Because of their limited capital, small businesses are often local (serving small communities), as well as labor-intensive, with little separation between control and ownership. They are also very flexible and capable of adjusting to sudden changes as compared to larger businesses. Owners are required to lead by example and have an informal relationship with their employees. Their simple and open business structure allows for faster information sharing and enhancing staff engagement: everyone is considered part of the family. For this reason, most small businesses are selective when hiring since owners recognize that employees are the lifeblood of the firm and having committed and loyal staff is key. Small businesses are commonly customer specific and strive to ensure that their products or services align with customer needs. More importantly, small businesses are usually identified with their owners who generally assume managerial responsibilities with little delegation of administrative duties. Since most small businesses have inadequate resources to compete with larger business, their owners tend to be motivated to succeed, focused on achieving the business goals, passionate, confident, self-starting, as well as committed to their customers and staff. A good number of small business owners are also resilient, open to change, committed to lifelong learning, over and above, willing to invest in marketing along with technology to improve business success. My target customers are small e-commerce businesses, which are the most attacked segment. 43% of cyber-attacks are targeted at small businesses and about 60% of victims are forced to close shop within 6 months. Small businesses typically generate lower revenue and profitability than other businesses that operate on a larger scale, have smaller teams of employees, serve a small market area, and are owned by one or a few people. Because of their limited capital, small businesses are often local (serving small communities), as well as labor-intensive, with little separation between control and ownership. They are also very flexible and capable of adjusting to sudden changes as compared to larger businesses. Owners are required to lead by example and have an informal relationship with their employees. Their simple and open business structure allows for faster information sharing and enhancing staff engagement: everyone is considered part of the family. For this reason, most small businesses are selective when hiring since owners recognize that employees are the lifeblood of the firm and having committed and loyal staff is key. Small businesses are commonly customer specific and strive to ensure that their products or services align with customer needs. More importantly, small businesses are usually identified with their owners who generally assume managerial responsibilities with little delegation of administrative duties. Since most small businesses have inadequate resources to compete with larger business, their owners tend to be motivated to succeed, focused on achieving the business goals, passionate, confident, self-starting, as well as committed to their customers and staff. A good number of small business owners are also resilient, open to change, committed to lifelong learning, over and above, willing to invest in marketing along with technology to improve business success. Write a 250-500-word description of your target customer (i.e., your customer persona). Describe the key demographics of your target market, including customer description, location, behaviors, psychological profile, and other population attributes.
Part 2: Table
Consider how you would expand into other markets. These may include other demographic groups, other regions, other countries, etc. Then, select a second and third target market to focus on. Customers in alternative markets will likely have similar attributes to the initial target market with some major differences. Complete the table below comparing similarities and differences between the primary, secondary, and tertiary target markets.
Segmentation Basis

Segmentation Attributes

Primary Target Market - Persona Description

Secondary Target Market

Tertiary Target Market

Demographic

Age

Early to mid-40s

Late 40s

Older than 50


Gender

Equally male and female

Majority are male-owned

Majority are male-owned


Education

High school diploma

College degree

College degree


Income

$100,000 annually

Upwards of $300,000

$1,000,000


Family Status

Young families

Middle families

Old families


Other Demographic Attributes