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Market Description

Related answers:

On this page you find:
  1. Questions that make you focus on customers
  2. And who your competitors are

Before you start any sales and marketing activities you should establish a solid knowledge of the market by making a market description.

If you don´t have a feeling of whom your customers are it becomes difficult to choose the right way to approach them.

Who are the customers
There are a lot of questions that could be asked in order to establish a picture of your customer.

  • How many customers can there potentially be?
  • Do they live in the neighbourhood or in the urban area, in the province, in the country, in Asia or all over the world?
  • Are they men, women, old people or children?
  • What do they do in the spare time?
  • What is the limit they are willing to pay for the product?

You should know as much as possible about your potential customers. If you know the name and address of the customers then you have come very far in your marked research.

- Read: How to start and run a small business
- Marketing Plan

Know your competitors in the market
In the market you also find competitors. You have to find out what you are up against. On what level is the quality of the competitor’s product? What is the price? How big is their turnover? How is their marketing and web site? How is their product development? Where are their weak points?

Iceberg
If you look at an iceberg, 90% of it will be under water with just 10% visible to the human eye. This you can compare with the description of the market and the marketing material. You need to spend a lot of time researching the market and thinking about the best way to approach the customers.

After weeks of researching you might end up making a five page web site and 300 business cards. 90% was spent on research, and 10% on appearance.

- Go to next business issue: Market Research

 
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- Click and share your experience on:
Market Description

 
Tedency, South Africa 01-09-2012
a student who is still researching about market description.

andre , usa 24-03-2011
seem interesting

consolee rukundo, rwanda 31-03-2010
management of small boutique

Vitthal Chaydhry, India 27-11-2009
If you are in a market with a lot of customes dont bother make a market analysis. You just have to do better than the rest of the gang.

 


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Copyright © 2012 Dynamic Business Plan          26-07-2014


Business-to-Business market
Competitive Parameters
Consumers
Market Description
Market Research
Possibilities and Threats
Realistic Number of Customers



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