Pinpointing Markets

Abstract

Back in Section 3.2 I made the suggestion that one of the limits imposed upon any business is its expertise within a market. We have already demonstrated quite clearly that there are two sides of the exchange coin: the business and the customer. There can be very few exceptions to the general rule that no business is able to continue for long with just one customer. Although each of us as consumers makes many different and individual transactions, a firm is seeking within its market multiple transactions which may be ‘first time purchases’ by new people entering the market or ‘repeat purchases’ by those with satisfactory previous experience.