The entrepreneurial path of starting a new business

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In fact, the decision to approach one strategy or another is made once we are clear about which market segment to serve and how to do it. When we are going to launch a new product or start , a very common mistake is to think about the market we are targeting without first analyzing it sufficiently . In reality, market segmentation is a deeply analytical process. It is important not to make decisions lightly and to dedicate the time and resources necessary to research and analyze what market we are facing, what is the socioeconomic situation that surrounds them, who are the competitors and what strategies they use, what influences the consumption of a certain item, etc.



Follow these five steps to make uae phone number list everything easier and more productive for you. 1. Preliminary investigation and general criteria The first thing to do is to conduct a market study, that is, to find out what is on the market and what the existing segments are . Analyze in depth competitors, consumers and their characteristics, etc., since all of this will help you to accurately define what the total market will be for our product or service. The process of segmenting and grouping potential customers by category should be done based on an analysis of the products or services we offer.



A method widely used by companies is to study the products of their competitors . In the case of the NGO located in Spain, the total market would be all those adults who live in this country. With the analysis carried out, we can begin to extract data and trends from this total market. For example, we see that users who usually make donations are women over 40 years old, followed by men over 50. 2. Choosing the target segment or market Once we have entered the segmentation process, we must take into account the classification criteria mentioned above: geographic, demographic, psychographic, behavioral.