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target market market share

Target Market

Once you have gathered information on the industry, your customer and competition, you can use your customer profile to quantify your target market. You need to determine how many potential customers fit into that profile within a geographic location. You can review census data to determine some of this information. For a fee, agencies such as Statistics Canada or the BC/Canada Business Centre will prepare a profile that gives more information on potential customers in specific geographic areas.



Market Share

Once you have quantified your target market, you need to determine your market share. Market share is the amount of your sales as a percentage of total sales of that product within a market. To estimate market share:

1. Estimate the total market in the area you have chosen.
2. Estimate the total market your competitors have now.
3. Determine a figure for your market share.

For your market share, you need to take part of your competitors' market share or develop a niche market. Once you have determined your share, this information will assist you in determining the business size in terms of output requirements, distribution channels, pricing, and marketing strategies.