I hope you found that short video on the fundamentals of understanding your “Markets and Customers”last week helpful, this week I will list a series of questions that you should consider when you are searching for your Customer and your Market, so it basically adds on to the video that was presented last week.
Understanding your Market and Market Share:
- How can your market be described in terms of product, customer need, and geographic location? For instance, a market can be described as “walking shoes for the active urban professional” (Of course, your description should be more in detail and the example being used here is a general breakdown of a market description) You would then break down each segment by describing the walking shoes-product; defining “active professional”, and geographically placing “urban”, i.e. Chicago, Illinois.
- What is your industry definition and the activities defined within that industry?…
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