Target market selection - Market segmentation, Principles of Marketing Video Lecture | Principles of Marketing - B Com

how to find the right customer for your
product or service this is a oh he's an
African entrepreneur based in Nigeria
and wants to launch his low-cost water
treatment technology to bring affordable
and safe water to local communities but
how does he know where to start and who
to address he needs to create a clear
narrow definition of his target market
it starts as easy as drawing three
circles ao thinks about his total
addressable market which in his case
could be the whole world because
everybody needs water to survive but
that's not very focused a o knows that
places like the United States don't need
water treatment technology he needs to
find out which market he can really
serve his served available market he
needs to ask himself some questions like
can he realistically supply villages in
other continents with his service are
there competitors and will there be
language barriers as a result a o may
realize that his target market is only
within Africa but even a continent might
be too big he still needs to decide on a
specific target market and again he
needs to ask himself some questions like
is he looking to target every town in
his country or just the smaller villages
can every village afford the technology
a yo can use this simple process of
drawing three circles to guide him in
the process of identifying who his exact
target market should be using this tool
he can concentrate his efforts on where
he can really make an impact and any
entrepreneur can use it whether it helps
Moses to realize that his biogas plants
are best sold to large cattle holders or
Ana that her a waste recycling service
works best in cooperation with Uruguay
authorities this way they all save time
money and valuable resources
empowering people on-site is a training
format for social entrepreneurs across
Africa Asia and Latin America it is part
of the empowering people Network an
initiative by the charitable foundation
seamanship Doon to promote appropriate
technological solutions for the major
areas of basic supply in developing
regions and connect entrepreneurs and
innovators want to learn more about the
network and its activities visit
empowering - people - network.org for
more information