Once you chose your target market the next step is to formulate a strategy for getting the people in that segment to patronize you. This thought process is called Market Analysis and Strategy.
What is Market Analysis and Strategy?
This refers to the process of:
- Studying the market
- Classifying them into various demographics and psychographics
- Identifying the market that have a need for your services (target market)
- Positioning ones business to attract the consumers in that target segment.
One step that can be taken to attract customers in the target market is advertising.
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