In this section, you can identify and describe your target market and analyzing customers within the target market.

You may want to consider the following points:

1. Target Market

• Will the product be sold into a commodity or differentiated product/service market?
• Will the product be sold to consumers or as an ingredient in another market?
• If you are targeting a niche market, identify the relative market segments and how they are defined.
• Describe the demand and usage trends of the target market in which the proposed product will be offered.
• Who are your target market customers (consumers, manufacturers, retailers, etc.)?
• What need does your product fill in the target market?
• Examine the potential for emerging, niche or segmented market opportunities.
• Assess the opportunity and potential for a branded product.
• Assess potential market usage.
• What share of the market do you expect to capture?

2. Customer Analysis

• What type of customer will you focus on – consumers, retailers, manufacturers, etc?
• Name specific potential customers (or types of customers) for this product.
• Are customers dissatisfied with the current products in the market?
• Identify any trials or tests of your product currently being conducted by potential customers.
• Describe any on-going contract negotiations with potential customers.
• What will motivate their buying decisions – product quality, price, public relations, etc.?

More information is available on Specialty and Target Markets.

More information is available on Customers and Consumers.