Less rent/fewer employees needed which can help reduce costs. Lack of personal service

A firm needs to find out how many people would want to buy the product it is planning to offer for sale. It can identify customer needs in a competitive market.

A document containing the business aims/objectives and important details about the operations, finance and owners of a business

Actions of competitors, Government or legal controls/tax, Stage in product life cycle, Type of productnew product,

customers OR people who have similar characteristics to the target market who give their opinions on a product / service.

survival, make a profit, increase market share, provide a service to the community, be socially/ethically/environmentally responsible

Process of collecting, recording and analysing data about customers, competitors and market for a product

skilled workers likely to work more efficiently and likely to make fewer mistakes [

Sponsorship can target the intended market attracting more customers. Newspaper advertising can be seen by a lot of people

Age, Socioeconomic/income groups, Tastes/interests, Geographic, Culture/religious background

Customers like something new therefore they are more likely to try the product. Damage customer loyalty as existing customers do not like the new logo created

Less competition, Clear focus/easier to target customers, Builds up specialist skills and knowledge, Can charge a higher price, Customers tend to be more loyal

Franchisor shares risks with franchisee, More of its own shops: Have total control over the operations