What is a Market?

1802 2018-09-16 18:56

For high tech, we can define a market as

  1. a set of actual or potential customers
  2. for a given set of products or services
  3. who have a common set of needs or wants, and
  4. who reference each other when making a buying decision.

Point 4 is the insight here - referencing each other is key to the marketing success. If two people buy the same product for the same reason but have no way they could reference each other, they are not part of the same market. They are in different market segments.

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