it makes people better. Great stuff doesn't fight you it becomes one with you.

In Harvard Business School he wrote "competitive advantage", the definitive business school textbook on the topic which helps companies to create a sustainable competitive advantage.

It identifies a set of characteristics and benefits that make a product different and better for a target audience.

It means companies provide reasonable value at a lower price.

it is the potential buyer or clients

It helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market

identification based on various patterns shch as purchasing occasion and loyalty status

a market structure characterized by a single seller, a unique product, and impossible entry into the market

This section is where you need to place your competitive edge without mentioning it explicitly

Types/categories of Market structure

It fefers to licences and concessions in particular or requirements by the authority to start a business, which is usually one of the hammers to entry

This is the corner of the chart where meaning, margin and money are made

Factors that determine Market Structure

When you position a product or service, you answer these questions:

This section is all about answering two questions from your investors

This is the holy grail of evangelism

It uses existing data records from previous surveys.

This section is very important as it is where you show your potential investor that you have an intimate knowledge of your market.

it reflects your insights on how to ease people's pain or increase their pleasure

It embodies everything a customer needs, such as support, documentation, and enhancements.

Characteristics of a Product:

The choice of the market is based on the compatibility between the resources available, the product, and the market itself.

the worst products of all.

a small market with specific characteristics that make it an ideal target to sell a new product or service

It involves selecting one or more market segments or groups of customers to target in your marketing mix.

It is a quantitative and qualitative assessment of a market

products that serve a market that doesn't exist, or they provide functionality that no one wants

Common needs within a segment

The products that fulfill a need, but they work the same way as existing products

identification based on attitudes, beliefs, emotions, lifestyle, and hobbies

It means companies deliver better benefits than anyone else.

Three step process of finding a market segment and market size

Source of Competitive advantage

A large part of market research and an important component of business plan.

It forms the basis of the development of a marketing strategy and concrete marketing measures

Customers are targeted by their age, gender, race, income, and education level

It is a group of people in a homogenous market who share common marketable characteristics such as interests, geography, age, demographic, or lifestyle

It looks at the "relevant" market size for your product or service, and then calculates how much your organization might earn from it

it is the process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer.

This are like potential competitors, but they're much more ready and likely to enter your market.

Refers to how different industries are classified and differentiated based on their degree and nature of competition for goods and services

A market structure in which a few large firms dominate a market, either homogeneous or differentiated product and difficult market entry

Segmentation For the beachhead market

Five Ps of Marketing Mix

Five types of Competitors

It is the type of customers you target within the market.

An esteemed investor identifies "moats" that business can figuratively dig around themselves to entrench competitive advantage.

Being unique from other groups

It derived from a military strategy that as you are approaching an enemy territory, you should plan and focus all your resources on winning a small border area that become a stronghold area from which to advance into the enemy territory

it is more powerful when it's personal, because it's easier for potential customers to imagine how a product fills a need

This are businesses that are in the same category, but they sell different products and services than you.

Steps for the Identification of the Target Market

This are those competitors who do the same thing that you and target the same kinds of customers but aren't selling in your market area and aren't likely to do so.

The aim of this section is to give a fair view of who you are competing against.

A firm's ability to produce a good or service more efficiently than it's competitors, which leads to greater profit margins.

It has lots of features because you've anticipated what people need as they come up the power curve.

It is what makes your product or services stand out to your target audience.

Three (3) Criteria to Identify Different Market Segments

It refers to factors that allow a company to produce goods or services better or more cheaply than it's rivals.

The process of selecting the groups of customers to focus on in a firm's marketing mix.

it is the size of a market.

This are those who provide an alternative to the services that you offer that solves the same pain points.

Different Methods of Market Analysis

It made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate

a similar response to the market

It seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group.

Benefits of Target Market Identification

It is a competitive advantage that can be maintained over a period of time.

Conditions that define a beachead market

It is a process of separating, identifying, and evaluating the layers of a market to identify a target market.

simple, it's often unreliable and overly optimistic

time-consuming, because you do all of your own market research and dont rely solely on genralized forecasts and trends

market structure characterized by a large number of small firms, a homogeneous product, and very east entry into or exit from the market, price taker

It refers to a defensive barrier.

When assessing the size of the market, your approach will depend on the type of business you are selling to investors.

There are 2 methods that can be used to build estimates the bottom- up approach or the top-down approach

It involves finding out why customers would buy from you, dividing the market into segments according to demographies and other characteristics, and then finding the most profitable segments to include in your target market.

It is what gives you a competitive advantage in your market

It's how you distinguish what you sell form what your competitors do, and it increases brand loyalty, sales and growth

It is at work any time you're choosing between two products in the same category.

Customers are target locally, statewide, regionally, or nationally

It is not just functional; it's also well designed so that people can use it easily and quickly.

Market Segmentation Strategies

a strategic process that marketers the to determine the place or asche in offering should occupy in a given market, relative to other customer allertiatives

The first thing to do is to see if the figure is publicly available as either published by a consultancy firm or by a state body

It is experts from a target market are interviewed in order to collect new data.

Four types of product

This are competitors who are directly vying for your customers.

When a firm's products or services differ form it's competitors offerings and are seen as superior.

A market structure characterized by many small sellers, a differentiated product, and easy market entry.

It means the company's leaders understand and service their target market better than anyone else.