How should Company choose the Most Attractive Target Market? Identifying Market Segment and Targets
Aug 15, 2015
How should Company choose the Most Attractive Target Market?
Identifying Market Segment and Targets
Approaches to Choose Attractive Markets
Approach 1
Industry competitors“It is Important to look for the already existing players in a certain domain which could pose
stringent competition or Rivalry”
For Services like E-Commerce already Existing Biggies Can pose a lot of Competition at your End
Approach 2
Be ware of the new entrants
“Keeping an Watchful eye on the Segment with the High entry Barrier & Low Exit Barrier”
A new Player in real state business
Approach 3
Substitute product“One should make Sure that there does not exist any substitute product for your own product which is being
used in a popular way”
Bargaining power
Approach 4
“Amazon offering Books at cheaper price than the local stores has increased the bargaining power of customers”