opportunity 17 of 150 Few things in marketing are more important than precisely identifying, and thoroughly understanding, your market. The best basis for a competitive advantage is to understand your market better than anyone. What age group buys iPhone? What marital status buys Nike? What nationality buys Coke? What income group shops at Zara? What […]

opportunity 17 of 150 Few things in marketing are more important than precisely identifying, and thoroughly understanding, your market. The best basis for a competitive advantage is to understand your market better than anyone. What age group buys iPhone? What marital status buys Nike? What nationality buys Coke? What income group shops at Zara? What occupation is most commonly represented among people flying Virgin? I would be surprised if you could accurately answer any of these questions. I would be equally surprised if you could see much value in these questions. In each case, the demographic variable noted have little relevance in defining the target market for these brands. If, however, I asked you to describe characteristics of an iPphone purchaser, you might say – attracted to good design. A Nike purchaser you might suggest is focused on winning. A Coke drinker you might suggest is looking for a good…