Market Industry
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An industry is part of a market. An industry comprises a group of individuals or companies that are collectively engaged in a specific commercial enterprise.
A market is a broad platform that facilitates the exchange of goods or services. Usually, a market has either a fixed geographic location or an undefined proximity.
Market and industry are co-related. A market is organized on the basis of the number of firms within an industry (monopoly, duopoly and oligopoly).
Table of Contents
Market Industry Research: Modes
Industries research markets through:
An industry is part of a market. An industry comprises a group of individuals or companies that are collectively engaged in a specific commercial enterprise.
A market is a broad platform that facilitates the exchange of goods or services. Usually, a market has either a fixed geographic location or an undefined proximity.
Market and industry are co-related. A market is organized on the basis of the number of firms within an industry (monopoly, duopoly and oligopoly).
Market Industry Research: Modes
Industries research markets through:
- Secondary research: This comprises research of secondary (available) data such as studies, periodicals, books, surveys, market reports and statistical analyses. It can also be acquired from a country’s industry associations and Chamber of Commerce.
- Primary research: Once market information is collected from secondary sources, the next step is to contact the industry’s target customers directly. Examples include consultations and interviews.
Selecting a Market Industry to Target
The procedure by which the industries research and target markets is as follows:
Reviewing potential markets includes:
- collecting statistics of various markets
- identifying fastest growing markets and high-potential emerging markets
- selecting a small handful for further analysis.
Evaluate target markets involves:
- examining market trends that may influence a particular industry’s products and services.
- studying the competition in the industry and in the market.
Drawing conclusions involves:
- deciding which markets to target, based on the data that is acquired.
Some markets exhibit better acceptance to a particular industry than others. In such situations, an industry’s marketing efforts are directed exclusively at these markets.
Market Industry Targeting Importance
Some important implications of market targets by industries are:
- Customer information: Understanding an industry’s target market comprises analyzing aspects such as customer demography, characteristics, preferences and geographic concentration. This helps to define target customers more effectively.
- Establishing the Unique Selling Position (USP): Targeting specific markets facilitates demonstrating the USP of different businesses or firms that operate within an industry.
- Determining market modes: This involves determining suitable modes to reach the target markets. The different modes of advertising include direct marketing, web, radio, television and print advertising.
- Formulating strategies: Defining target markets helps to formulate long-term and short-run strategies. It involves identifying and responding to target market opportunities.
Despite global economic uncertainties, it is clear that industries continue to define and target markets so as to facilitate increased profitability and easier operations.
