You have just received a sizable inheritance. After giving part of it to charity, you have $500,000 remaining to begin a new retail operation in your local area. What kind of operation will you open?
- What market or segment of a market exists in your area with unfulfilled needs or wants?
- Briefly describe the nature of the operation you would open to meet the needs of a specific market segment(s).
- Product or service?
- Price range?
- Location?
- Will you use a concentrated or a differentiated targeting strategy? Why?
- What segmentation variables will be useful in describing your target market(s)? Why?