Market Definition and Prioritization
Much has been written over the years about the importance of target market analysis and execution. Borne out of my extensive experience with start-up companies, I offer the following pragmatic perspective on why this work is so vital. I have lived through the pain of not effectively addressing the criteria below.
The tendency of many companies, young and old, is to avoid the decision to target a specific market, but rather to try and be all things to all people. It has the false feeling of appearing less risky. Nothing can be further from the truth this fatal decision has been the death knell of many start-up companies and new product attempts. This go-to-market strategy is doomed to failure and will end in poor sales results, frustrated senior management, wasted sales, marketing and product development resources, a demoralized team and burning through precious capital and time.
Here are a few important criteria to consider when making the target market decision:
Source: Heinz Marketing