in addition, the major can producers have found it necessary to invest large amounts in research and development. both called for high skills in container design and manufacturing, thus reducing the threat of self-manufacture. the most important decisions in planning marketing strategy are those related to the choice of a market or markets to serve. choice of market is a choice of the customer and of the competitive, technical, political, and social environments in which one elects to compete. another benefit that the customer may gain has to do with the range of relationships, technical and personal, that may develop among people in the selling and buying organizations. market selection is then a matter of electing those product/market opportunities where the company has a meaningful edge and where its weaknesses will not be critical deterrents to success.
to support and justify such investments there may have to be the prospect of a significant market share. the manufacturer is vulnerable to rising costs of materials and equipments—costs that he may not be able to pass on to his customers in the form of higher prices. in addition, of course, the market “environments” vary greatly from stage to stage along with customer characteristics. the representatives then referred these companies to bearing manufacturers as sources of supply for finished aluminum bearings. in the long run, however, it was not likely to yield optimal results as measured in terms of sales volume and profits. thus, although the company chose to be a supplier of materials, it was also active in quality control and product promotion at the retail level. it can be a sound strategy indeed, but only if there are significant advantages for end-users in the product concept.
when looking at markets through a jobs-to-be-done lens, we see that a market should be defined as a group of people who are trying to get the same job done. we see companies size their markets, and market opportunities, by determining the dollar volume of the products being sold. it means that the market (the people who hired the product to get a job done) moved on to buy another product; one that helped them get the job done better. we define a market the way customers do, as the combination of the people (job executors) trying to get a job done, and the job they are trying to perform.
a narrow focus on market selection will hurt a company because customers are looking for products and services that help them get the entire job done better. with two decades of experience, we are the best in the world at defining the market at the right level of abstraction. a job map breaks down the job the customer is trying to get done in a way that enables us to discover all the customer’s needs. ulwick, who pioneered jobs-to-be-done thinking and invented odi, details how odi transforms jobs-to-be-done theory into a practical method for understanding the market selection process and driving growth.
market selection is then a matter of electing those product/market opportunities where the company has a meaningful edge and where its weaknesses will not be the market selection process should result in a prioritized market portfolio; a prioritized list of markets worthy of investment and pursuit market concentration international demand is concentrated on a small number of markets with stable performance the market has several potential customers, .
market selection is the process of deciding which markets to invest in and pursuing. one of the major criteria to be kept in mind while doing a market selection is the growth potential of the market i.e. what is the potential for a company’s revenue to grow by investing in a particular market. target market selection is a term that is more often than not, associated with new product development and launches. it is an important stage of the product 6.7 target market selection. few companies can afford to enter all markets open to them. even the world’s largest companies such as general electric or nestlé target market selection segmentation and positioning from a high-level, the goal of a marketing strategy is to identify a target market and, . what is the market selection criteria? what is the strategies for market selection? what is market selection in international marketing? what is market selection framework? how to select the target market ?understand the lifestyle of the consumers.age group of the individuals.income of the consumers.spending capacity of the consumers.education and profession of the people.gender.mentality and thought process of the consumers.social status.
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