Question

The tools leading to business Success is market size and definition. Explain

Answer 1

Market size helps in studying the attractiveness and potential of a market. It is part of the industrial size and global environmental size. From all these sizes, the strengths, weaknesses, opportunities, and threats (SWOT) of the company can be identified. Finally, with the help of a SWOT analysis, a sufficient business strategy of the company will be determined.

Market segmentation is the basis for different market sizes. One of the main reasons is the saturation of consumption due to the increasing competition of the products offered. Consumers want individual products and services and they are more informed about product ranges. As a result, market segmentation is necessary.

Segmentation involves a lot of market research because it requires a lot of market knowledge. Market research on market structure and processes is done in order to identify relevant markets.

Business success is an important way to find a competitive advantage by segmenting it in market size. Market segmentation focuses on energy and market power to gain a competitive advantage. In other words, market segmentation is a conceptual tool for gaining strength.

Market size requires market knowledge to analyze the market structure and processes. Because segmentation requires a lot of market research, various information can be extracted from it. Market segmentation can determine the needs and desires of customers and develop products to meet their needs. Market segmentation can define different products for different groups, match customer preferences and product benefits, maximize resource utilization, and focus on market costs and competitive advantages.