Chapter Name: Identify the target market
Description:This chapter teaches the process of identifying and understanding the target market for products and services, including customer demographics and preferences.
Purpuse:To enable businesses to focus their efforts on attracting the right customer base, increasing sales, and optimizing marketing resources.
Rational:Identifying a target market is vital for effective marketing and sales strategies, ensuring that products and services reach the right audience with maximum impact.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Identify the target market and potential customers in line with the product offerings
Match product/service to the correct group of customers based on needs and preferences.
Key Requirement 2: Determine opportunities and threats in relation to the target market
Analyze internal and external factors that can help or harm business success.
Key Requirement 3: Identify competitors and determine your competitive advantage
Identify competitors and explain how your product or service is better or different.
Assessment Questions
Assessment 1 : The target market and potential customers are identified in line with the product offering
Learner must link product features to suitable customer groups.
Assessment 2 : Opportunities and threats are determined in relation to the target market
Learner must perform a basic SWOT analysis from a marketing perspective.
Assessment 3 : Competitors are identified in terms of the small retail business owner competitive advantage
Learner must identify competitors and define what makes their business stand out.