Determine the target market and competition for selected products and/or services.

Determination should include

• defining the terms
  • target market
  • market segment discriminators
  • Competition
    
    
• applying the concepts of market identification and segmentation to the selection of a target market according to competitors’ products and/or services and according to a customer profile, to include considerations related to
  • demographics
  • geographical location
  • psychographic characteristics
  • behavior
    
    
• identifying the customer profile or persona.

Process/Skill Questions:

• What factors are analyzed to assist in determining the target market selected for a company and/or its products?
• What is mass marketing and why do most businesses not use it?
• What is market segmentation, and how does it relate to a target market?
• How do marketers identify competitors?
• How does a business differentiate itself from its competitors?