Use this document to outline key elements of the upcoming Market Research and keep the information updated as the project progresses.
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Define your problem statement and the questions you want to answer with this market research.
Definition - What is Market Segmentation?
Market segmentation is the process of defining and subdividing a large homogeneous market into identifiable segments that have similar needs, wants, or demand characteristics. A market segment should be homogeneous, measurable, substantial, accessible, actionable, and responsive.
TAM stands for “total addressable market”. It's the total amount of yearly revenue that you could achieve if you manage to reach 100% of the people who could use your product. Too small, and you won't make any money; too big, and you'll struggle to focus.
TAM shows you the size of the universe—from there you need to determine how much of the market you can actually serve, and which market you want to target first.