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BA 3141 - Small Business Management (Seel)

Designing Your Mini-Plan

The purpose of your "mini-plan" is to determine if your business idea is worth pursuing.

One of the important tests that this Research Guide will help you with is determining whether or not there is a market for your product or services.

By answering the questions and using the resources in each page of the guide, you will complete the elements needed for the marketing section of your project.

What This Means

Getting specific about your target market allows you to decide how you want to focus your marketing efforts. It does not exclude potential customers. In order to define your target market, you want to consider demographic and psycho-graphic factors.

With this in mind, try to narrow down which potential consumers would be most interested in your product or service.

Choosing Demographics to Target

Demographics are facts about certain groups. This data is useful to develop a basic profile of your consumer.

  • age
  • ethnicity
  • education level
  • gender
  • income
  • location
  • marital/family status
  • occupation

Examining Psychographic Factors

Psychographics are things more commonly referred to as "culture." Popular psychographic groups would include Baby Boomers or Millenials. Psychographics data is helpful to develop a clearer profile of your consumer.

  • attitude
  • behavior
  • interests/hobbies
  • lifestyle
  • personality
  • values

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