Selecting market targets
8 important questions on Selecting market targets
What are some traps to be avoided when comparing the attractiveness of the market and the strength of the competitive position?
What steps/ questions have to be taken when deciding on market and segments to target?
2. How is the market segmented into different customer groups?
3. How attractive are the alternative market segments?
4. How strong a competitive position could we take - where do our current and potential strengths lie?
What points are worth bearing in mind in approaching market definition?
- Markets and industries
- Different definitions for different purposes
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What is a useful model to define the business?
What are some general factors to evaluate the market attractiveness?
- Market factors: size, growth, stage of evolution, predictability, price sensitivity, power of customers, seasonality
- Economic and technological factors: barriers to entry/ exit, power suppliers, technology, investment,
- Competitive factors: intensity, quality, threat of substitutes, degree of differentiation
- General business environment: exposure to economic fluctuations, exposure to political and legal factors, degree of regulation, social acceptability and physical environment impact.
What is the impact of change on the attractiveness of the market?
- company change
- market change
- competitors change
- Reinventing the market
- Market boundaries change
How to evaluate factors that are affecting business strength?
2. Economic and technological position: Relative cost position, capacity utilization, technological position
3. Capability profile: Management strength and depth, marketing, forward and backwards integration
What suggest the classic approach of targeting according to Kotler?
· Differentiated marketing – offering a different product to each of the different segments
· Concentrated marketing – focusing attention on one, or a few, segments
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