Why is it important for small business owners to define thei

Why is it important for small business owners to define their target markets as part of their strategies?

Solution

Target market refers to a particular group of customer at which the business aim its product or service. The target market will have similar needs and wants. Example of target market is cost sensitive customers. The business will focus on this segment by offering product at lowest price. Walmart is one of the famous retailer that has grown into a largest chain of retailers. Walmart value proposition is offering the same product as other retailers but at less price.

It is important for small business owners to define their target markets as part of their strategies because: -