DU Target Market Aspects Price Demand Market Availability & Income Discussion

User Generated

Zrfuny77

Business Finance

DePaul University

Description

Hello there, i need help to find a detailed target market for my company project. My company project is>> The business aims to reduce clothing waste and recycle its old products to provide shoes to those in need. The shoes will be very eco friendly and will be very customizable (think being able to customize a pair of boots then being able to turn that boot into a high heeled boot by changing out different pieces of the shoe). The product will be probably be intended for an environmentally conscious customer who has a higher disposable income.

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(1) For B2C (Business to Consumer) Companies There are about 321 million people in the US, but there's no product on earth that every single person here will own. Our job for your businesses is to try to figure out who is MOST likely to buy or use the product (or service!). To get a better estimate of the number of people most likely to buy from you, we can chop up the US population in a variety of ways. For example, by sex: We tend to think of men and women as 50-50, but there are about 5 million more women than men, so it's about 50.8% women and 49.2% men. But even then, not every single woman or every single man will buy your product, either. What we want to do is come up with multiple characteristics of your customers so that you can estimate your potential market size. To do a good job of estimating market size, you need to identify the characteristics of your most likely customers, referred to as DEMOGRAPHICS. Luckily for us, the US collects a lot of information about its citizens and makes it available for free online in a database called American Factfinder. That is going to be our main source of information for Target Market. If you are a B2C company, indentify if you think you will sell to men, women or both, and what age group they will be in. Note: your ages of choice may require you to add up multiple categories! Click on the link to the table above and find your market size based on those basic characterics (i.e., sex and age).
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Explanation & Answer

Attached.

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Running head: TARGET MARKET

Target Market
Student's name
Student's institution

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TARGET MARKET
Target Market
The determination of a target market involves the consideration of aspects such as price,
demand, market availability, and income. Price is an essential factor in determining the target
market since the primary aim of a business is to make profits. In this perspective, a company
ought to select its target market based on people's ability to purchase its items at the stated price.
Due to the complexity of shoes produced by the company, the factor leads to an increase in price.
According to statistics, the average price of women shoes in the United States (US) is $85, a
factor that leads to the assumption that the shoes will cost at a slightly higher price than the
average. This means that the buyers must have a high disposable income to allow for favorable
purchase decisions. On average most people in the Northwest regions earn a salary of between
$25,000 to $75,000. As salaries increase, disposable income rises hence allowing people to buy
more (Macht, 2019). In this perspective, the company begins by establishing its target market as
currently employed people in the country.
After defining the firs...


Anonymous
I was struggling with this subject, and this helped me a ton!

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