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Part 2 Understanding Your Market

  • The Growing Your Brand Part 2 image

Overview

This section is designed to help producers understand how to identify a potential market and how to assess what market is the best choice for them to target. There are many different audiences or market segments that a business can choose to sell its products to. These market segments are divided by the characteristics and values of the people within the market. The market segments can be classified by age, race, education, and income levels. Participants should assess the values of these market segments in order to determine if their product will appeal to the people in the market segment. They can gather information by asking key questions, such as, “What is important to the people in this market segment?” For example, nutrition and price might be important to a mother, while the uniqueness of the product might be more important to someone with a higher income level.

 

Part 2: Extension Agent Guide

Objectives

  • Participants will understand how to identify a market segment.
  • Participants will learn how to identify a target market.
  • Participants will understand how to assess price sensitivity.
  • Participants will learn what a brand is and why it is important.

Potential outcomes

  • Participants will identify at least two market segments that they can try to capture.
  • Participants will identify a target market and begin creating a plan to promote their product to this group of consumers.
  • Participants will identify key characteristics they can use to create a brand for their product.

Activity

Summary

Part 2 is designed to help students refine their marketing ideas, determine who they will be marketing their products to, and generate ideas for developing a brand for their product. It is recommended that participants consider hiring a graphic designer or branding expert to develop a logo and marketing materials that will appeal to their selected audience.


Part 2 Understanding Your Business: (PowerPoint | PDF)

  • Module 1 Market Segments
  • Module 2 Evaluating the Market
  • Module 3 Brand Identification

Supplemental Materials

 

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Portrait of Dr. Rachael Carter
Extension Instructor
Community Development, Tourism, Economics and Natural Resource Policy