February 2012
Beginner
672 pages
17h 47m
English
book
Entrepreneurship Lessons for Success (Collection)
by Edward D. Hess Bruce Barringer Charles F. Goetz, R. Duane Ireland, Wes Moss
Content preview from Entrepreneurship Lessons for Success (Collection)
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Truth 39. Segmenting the market and selecting a target market
A new business must address this critical question: Who are our customers, and how will we appeal to them? A well-managed start-up uses a two-step approach to answer the first of these questions: segmenting the market, and selecting or developing a specific target market.
Segmenting the market
The first step in selecting a target market is to study the industry in which your firm intends to compete and determine the different potential target markets in that industry. This process is called market segmentation. Market segmentation is important because a new business generally has only enough resources to target one market segment, at least initially.[1] Markets can ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.