15.+Choose+a+market+segment+and+research+it.

15. Choose a market segment and research it.

A market segment is made up of consumers (people, businesses, organizations etc.) that create demand for specific products/services. This subgroup has similar product want and needs. These subgroups can be broken down according to demographics into more distinct subgroups. These subgroups could include: geographic--where they live,income, family size etc., psychographic--lifestyles, values, etc. (About.com) ([])

Market research is the collection and analyzing of specific data. of the attributes of the market we are targeting. It is also a way of minimizing risk and identifying opportunities. (About.com)

From the website mimosa planet, the ways of choosing/targeting what market segment consists of ; 1. Financial: The current revenues of segment, potential revenue of segment, and potential gross profit of segment. 2. Competition: Number of competitors in segment, strength of competitors. 3 Positioning 4. Resources: Current budget of segment, Resources we have, resources needed. To research different segments there is help from websites like sismarketresearch.com which help companies gain insight.