What are the benefits of a broad market definition ?
  • Reveals new opportunities of a broader set of customer needs.
  • Enable management to recognize potential substitutes and competitive threats .
  • Provide management with a thorough understanding of fundamental customer needs .

The definition of market should not be too broad because it will be hard to track it . Definition should be narrow enough to have a target market and implement. On the other hand it should not be too narrow that will not give enough chances and oppertunities...