Market Selection Mastery

Market selection is the process of deciding which markets to invest in and pursue. It is important because it helps determine the growth potential of a market and aligns with the company's marketing objectives.

The major criteria to consider during market selection are the growth potential of the market, marketing objectives, and parameters other than growth potential like market size.

The steps involved in the market selection process are: 1. Determine the objectives or goals of market selection 2. Determine the parameters to be used for market selection 3. Do a preliminary screening of the market 4. Do a detailed investigation of this screening and shortlist the best fit 5. Evaluate the shortlisted markets and select one or two.

<p>Growth potential helps determine the potential for a company's revenue to grow by investing in a particular market.</p> Signup and view all the answers

<p>It is important to consider parameters other than growth potential, such as market size, to make a well-rounded decision during market selection.</p> Signup and view all the answers