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Target Market & Market Share. . The 5 Billion dollar Industry. Let’s continue with yesterday’s example. We have assumed that the world cell phone market generates 5 Billion dollars of cell phone sales every year. What does Target Market mean? What does Market Share mean?. Target Market.
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The 5 Billion dollar Industry Let’s continue with yesterday’s example. We have assumed that the world cell phone market generates 5 Billion dollars of cell phone sales every year. What does Target Market mean? What does Market Share mean?
Target Market Companies will often select a specific group of customers they want to sell their products to. This is known as a Target Market. For example, if we create a cell phone that contain a very large screen and keys, we have done this to “target” a specific set of customers in the overall market. A Large screen & large keys Older adults People with glasses Overall, our product is designed to be sold to people whose vision isn’t as good. Those people make up our Target Market.
Market Share When you determine how much of the market your company sells to, you have determined what your market share is. For Example, our cell phone world market is 5 Billion dollars. We sold 500 Million dollars worth of cell phones last year. What is our Market Share?
Your Task Define the following Market Target Market Market Share Market Segmentation Demographics Survey Industry Pick a market. What need/want does it satisfy. Define what type of market it is, who are the major players, what is their market share. Share on a google doc in group 3-4.
