Specifying your market's boundaries

Article Abstract:

The importance of distinguishing market definition and market segmentation is delineated. Drawing boundaries for market focus is an important marketing concept. The boundaries and dimensions that a market should have depending on its ventures and endeavors, and a method of definition that corresponds with the marketing concept are described.

Management dynamics, Management, Company business management

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Refining the research microscope

Article Abstract:

Appropriate market segmentation, where all the respondents in one particular segment are homogeneous is very important to obtain accurate information from the target audience for marketing mix development. The importance of identifying and understanding these typical consumers is discussed.

Marketing procedures, Targets & Markets, Market Survey Techniques, Venture Analysis, Methods, Business enterprises, Market surveys

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