Define Market

Defining your market

Defining your market

You already have an idea and you now know exactly what you’re selling, now you need to know who you’re selling to.

In other words, the next thing that you must to do is clearly and precisely define a market that will be served with these products or services. This includes where you will be selling your product or service, who you will be selling it to and who is already selling something similar.

Here are some questions that you should consider:

  • In which market you will offer that products and services (city, region, country, continent)?
  • Who will be the consumers of these products or services?
  • What are the features of those consumers that will use your products or services (sex, age, income, ethnicity, if appropriate)?

Competitors

The next important element after the products, services and market are competitors. Do not make the mistake of underestimating your competitors, because the success of your business in large part will depend on their performance. It is necessary to define the main competitors who are already on the market that you previously defined.

 

Here are some questions that you should consider:

  • Who are the 5 largest market players in the industry in which your business idea is categorised in your area?
  • What, where and how the 5 major market players offer their products and services?
  • What are the features of their products or services?
  • What are the benefits that they provide to the market with their products or services?
  • What gaps does your product or service fill or where does it improve on what already exists on the market?

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