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Pinpointing the primary target market for a product/service is important because it enables the entrepreneur to...

Pinpointing the primary target market for a product/service is important because it enables the entrepreneur to estimate sales in terms of dollars and units. It also provides a framework for the entrepreneur to determine how and where it should spend its marketing budget (the Promotional Mix.) On the internet, locate two resources (other than census.gov) which will help you to quantify the size of the target market for your product/service. Write a short summary (2-3 sentences) about what information you were able to derive from each website or article

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Answer #1

Resources to quantify the size of the Target Market for Product/Service:

1. The Bureau of Labor Statistics - The Bureau of Labor Statistics is a Valuable source of information about buying habits and can help your Consumer Price Index (CPI) . This Index measure the Change in price for a given Product or Service over time, and its useful for business wanting to measure potential consumption for their Goods as well as the amount of product they need to sell to be profitable.

2. FedStats - Fedstats is a good resource for learning about spending habits and purchasing power of specific demographics or geographical regions in the United states. The site gathers tons of info from U.S. federal agencies, including the Census Bureau, the IRS and the International Trade Administration.

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