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For instance, if the distribution of your product is confined to a specific geographic area, then you would want to further define the target market to reflect the number of users or sales of that product within that geographic segment.Once the target market has been detailed, it needs to be further defined to determine the total feasible market.With the information you've gained through market research, you need to develop strategies that will allow you to fulfill your objectives.
For instance, even though there may be a sizable number of premium pilsner drinkers to form the total feasible market, you need to be able to reach them through your distribution network at a price point that is competitive, and then you have to let them know it's available and where they can buy it.
How effectively you can achieve your distribution, pricing, and promotional goals determines the extent to which you will be able to garner market share.
Marketing strategies are the result of a meticulous market analysis.
A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.
Projecting Market Share Arriving at a projection of the market share for a business plan is very much a subjective estimate.
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It is based on not only an analysis of the market but on highly targeted and competitive distribution, pricing, and promotional strategies.
For instance, within the beer brewing industry, the total market potential would be the total sales of malt beverages in the United States, which is .2 billion.
Once the size of the market has been determined, the next step is to define the target market.
Though pricing strategy and computations can be complex, the basic rules of pricing are straightforward:1. The best and most effective way of lowering your sales prices is to lower costs.3.
Your prices must reflect the dynamics of cost, demand, changes in the market, and response to your competition.4. Do not price against a competitive operation alone. Product utility, longevity, maintenance, and end use must be judged continually, and target prices adjusted accordingly.6.