How do you define a market?

Question

Marc Andreessen said in his famous blog, "The only thing that matters",

"Conversely, in a terrible market, you can have the best product in the world and an absolutely killer team, and it doesn’t matter—you’re going to fail."

Yassin Bouacherine · Accepted Answer

I think you don't really pick your market since the quality of your product will revolve around your experience, your skill in your field compared to others, and your potential to be ahead of your competitors or able to compete at the same level.

Is there a list of terrible markets out there? ;D There is a high chance that I am in a terrible market, but I am still trying to "innovate" and create a platform that could be demanded in a near future.

In the end, it doesn't matter if you are in a terrible market, as long as what you believe in your product solves some known issues in your industry.

If it doesn't work, well, it wasn't meant to happen and I would just take a different path. And I am not talking about iterations which you may find an unexpected market fit. Any product will undergo some changes to serve specifically early adopters.

You will also be surprised at how many people would turn down a solution because they just don't trust their own abilities to perform differently. That's an aspect that I haven't seen much discussed at all!

But first, you gotta find some people that are interested in your vision.

To me, it just clicked and went with it. The great markets are also extremely competitive, there are pros and cons everywhere. That's why you gotta pick your "vocation" because it's gonna reflect in the quality of your product.

So conversely, in the best market, a bad product with an absolutely killer team, and it doesn't matter-you're going to fail.

In the video game industry, there is plenty of examples :D Do not give up on your vocation against the market, just try to beat it!

Hamid Khan · Answer

When defining your market, you not only have to answer what your product or service is, but also why your product or service will appeal to a specific customer. Your business plan should provide clear answers to questions like these: Where (geographically) will your business be developed? Who are the people likely to buy your product? What are the characteristics of your potential customers? How big is the market? How will you reach your potential customers, and how will you make your business stand out?

Answer

A market has three qualities. The first is that it is large. The second is that the members want and need what you are selling. The third quality is that the members of the market can be reached easily, for example by TV, radio, newspaper, or the internet.

Answer

A market is a group of consumers who want to buy your products or service. You have to identify the needs and wants of that market. You need to see what need do they satisfy or what they want to achieve by purchasing your product or service. You have to make sure that your market is large enough that you can capture a meaningful portion of the market. You have to make sure what is the other products or services are being offered to solve the same problem.

Answer

Defining a market is the most essential step of product or business planning. Before any new product or business can be launched and any new customer can be served, it is absolutely essential that you first and foremost, clearly define the market. The most common mistake businesses make is to try and target a market before it has been clearly defined. In fact, defining the market is often the most difficult part of product or business planning.

How do you define a market?

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