competition/ market segmentation

Direct competitions

Sell similar goods/services

Indirect competitors

Sell different products but cater to the same customers needs

Competitive analysis

Detailed analysis on a businesses competition to gain competitive advantage

Competitive intelligence

Data collected on a business

Competitive matrix

Used to compare your businesses characteristics with that of competitors

Target market

Limited number of customers most likely to buy a product

Market segment

Grouping customers based on what they have in common e.g demographics, psychographics, geopgraphy, buying patterns

Market segments

1. Niche

2. Segmented

3. Diversified

4. Multi sided