$($Fill in with your defined, measurable, achievable, relevant, and time$-$bound marketing goal or objective.$)$

Stage Three $(20$ marks$)$

The selected few

Target Market

Although the target market analysis is in stage three, it should be completed in coordination with product development. Knowing who the product is for helps to design the product.

$1.$ Identify the Target Market: Focus on identifying and segmenting your target market, then narrow it down to the segment most likely to engage with your product or service. The economic rule applies, demand and price, the market needs to these two elements for a transaction to occur, the customer must want the product and the resources to purchase. Having only one of the two, no economic transaction will occur. Specify who will be interested or able to use your offering. Provide detailed insights about your target market; general or vague responses will result in lower grades. Avoid simplistic descriptions like "Demographic: Females who drive, Age $18-50."$ Instead, delve into demographic, geographic, and other relevant factors $($refer to pp$.16,45,69,145-168).$

$2.$ Select a Target Market: Choose one target market segment that aligns best with the marketing objective set in Stage Two. This group is most likely to help the company achieve its goals.

Market Segmentation $($pg$\mathrm{.}147-)$ choice

Target Market Profile $($pg$.153)$ Be specific and clear, and develop a customer persona.

$3.$ Positioning Statement: Develop a clear and concise positioning statement for your product or service $($see pg$.161).$ This statement should reflect how you want your target market to perceive your offering.

$4.$ Buying Behaviour: Evaluate the consumer involvement in the purchase decision process for your product or service. Consider how your target market makes purchasing decisions $($refer to pg$.106).$

$5.$ Maslow$$s Hierarchy of Needs: Identify which level of Maslow's hierarchy of needs your product or service fulfills. Briefly explain how your offering meets this specific need or set of needs.