From the course: Determining Market Size for Your Product or Service
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Understanding the market funnel framework
From the course: Determining Market Size for Your Product or Service
Understanding the market funnel framework
- So I've created a framework for you to help you understand a little bit more about how this works and it's called the market funnel framework. And I'm going to use this prop here to kind of illustrate, it's just a coffee filter. And we're going to basically take a look at two pieces of this filter. The first piece is the white piece right, this is our industry. And the second piece is the red piece which is our market, so all we want to do is we want to understand and start to narrow down from the broadest level of the industry and we then want to subsegment to get to a more narrow industry, and then we want to subsegment again and again until we actually get down to what we would call the market, the smallest piece that we need to. Now sometimes people ask me a question about, "Well what's the difference between an industry "and a market?" I like to think of an industry as kind of a business definition, it's how…
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