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Market
The group of people who could buy what you are selling. Defines who you compete with and for whom.
Example
Two friends both sell custom phone cases. One says her market is 'everyone with a phone'. The other says hers is '13-to-17-year-olds at her school who want anime designs'. The second one will figure out what to make and where to sell faster than the first.
How it fits in
Defining the market is one of the most consequential decisions in business. Too narrow and there are not enough customers. Too broad and the message stops resonating with anyone. Most successful businesses start with a tightly defined market and expand from there once they have won it. The mistake is usually trying to start broad, not too narrow.
Where this is taught
Related terms
Someone who builds a product or service to solve a real problem and tries to make it pay for itself and grow.
A short, honest sentence that names who you help, what problem you solve, and why your way is better.
The smallest version of an idea that is real enough for someone to actually use it and tell you the truth about it.