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Provide a 9 pages analysis while answering the following question: The Target Market for the Business. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is
Provide a 9 pages analysis while answering the following question: The Target Market for the Business. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. One of the foundations of building a good business is finding out clients. As it is commonly said, until we know whom to sell, it is almost impossible to know how to sell. Choosing a target market not only helps to focus on a niche segment but also helps in fine-tuning the support services to suit the target market needs. In order to define a niche target market, two broad categories can be established.
The first target groups in this category are first time sellers or buyers. The probable home they seek will be of basic design and construction and afterward working their way up in the property ladder as their income, family, and needs grow. The next target group will be customers purchasing a second home who either are looking to downsize or upsize. Another target group will be high end expensive and luxury seller or buyer. Doing business with these clients will mean higher commission, high amount of hand-holding and personal involvement, monetary risk and expensive collaterals (Beri 46-69). Apart from the above, there are recreational buyers who need highly specialized and unique areas of focus.
According to age demographics, clients can be divided into seniors, gen X, and gen Y. accordingly, different business tactics can be made in order to attract these demographics into the business. While it is clear that seniors will look for a more traditional and ethnic style, gen X will be contemporary and evolving while gen Y will be technologically oriented (Croft 35-50). . . .Each of the groups discussed above has their collective individuality, cultural icons, memories that can be worked with. .
Another criterion which can be added is through philosophy and lifestyle which may include country or city, a detached or fully integrated lifestyle, an eco-friendly environment or a home with full amenities (Hoagland and Williamson 57-75). Apart from that, the business can also consider factors such as the current location of the clients, real estate as well as educational levels of clients.
