The African Market

February 1,2018

     Entrepreneurship consists of bringing a new product to the market. The next question an entrepreneur should ask himself/herself is "To who am I going to sell my new product "?. In order to succeed, there is a need to find a target market. The Black market which includes black, African or
African descendants is a market that has experienced a growth for the past few years.
      Opening a business in African involves doing some research. The main business in which people are being successful are manufacturer, wholesales, and retail chains( https://www.africa-busines)
Africa as a continent is big, possess a young workforce and seems to be the perfect place to run a business. An industry trying to open a branch in Africa should analyze the market first.

What is one of the fast-growing markets in Africa ??

A target market involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings. It can be the key to attracting new business increasing your sales, and making your business a success(the balance).

The food industry market in Africa has grown at a fast speed and flourish the African Economy.  Africa might be known as a "non-developed" continent, but agriculture is having a big impact. Africa has an advantage of having a young population that can in the field.  Africa is expected to have a larger workforce than China by 2034(Africa-business)

Why there is a need to watch closely on the Africa market 

   
     Consumers have different needs and want. The African Target Market possesses a lot of needs that companies fail to feel. Giving an example of the hair industry. Black women are known for being the group that spends the most money when it comes to hair. They spend their money on hair products, wigs and also weaves. Black women in the United States have a great buying power. For example, they spend 1.2$ on other black people's business( black buying power). In addition to being a great target market, the African and black target market have started to become owners.

The Marketing Mix and The African Target Market 

The Marketing Mix is made of four components and is used in all target markets. The 4Ps of marketing is a model for enhancing the components of a ‘marketing mix’ – the way in which a company takes a new product or service to market. It helps the company to define its marketing options in terms of price, product, promotion, and place so that it offering meets a specific customer need or demand.
Product 
There is a belief that anything can be sold in Africa whether it matches the culture or not. Africa is a good market for China where Chinese merchants promote and sell their products.

Price

Pricing in Africa depends on the specific part of the continent a company is trying to sell their products, but usually, Africans are able to pay more than another target market. Africans are willing to pay more just to look "cool" or "extra" in front of their neighbors. 

Promotion

Africa might be the best place for marketing because there is no need to bring an effort. There are ads in Africa (many of them are gorgeous), but most of the work is done through customers. There is a citation that says in French "Le client est roi" (the customer is the king) which means that customers need to have a good experience in the store so they can bring friends. 

Place

Africa is a large continent that possesses malls and also small stores. Places have an impact on selling products because based on the location of the store, a company can make a different profit. 

Industries in Africa try to reach out to different people, and that is the reason they use all of these places to atteign their customers and fulfill their needs.