Biopure Corporation
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BIOPURE Corporation.
1. Give your best estimate of the sizes of Biopures market, potential market, and what you recommend as the target market in the animal market? Do the same for the human blood market? Who are these people (or animals)? Since the definitions of these different markets can be vague, it may be useful to operationalize these concepts in terms of circles on a target which represent the likelihood of being a customer and when they should be targeted by the company. Thus, the “target market” (center) would be those customers whom the company should try to attract now since the product could/should have strong appeal at the present time. Or, another useful way might be to describe each group, its size, and the probability that that group will be a prospect (and then explain why). The discussion of target market selection on pp. 48, 72-74, & 231 in the textbook may help. The “market” would include the target market but would also include those who are either less likely to benefit now from the product and/or should not be targeted at this time for some reasons (e.g., the amount of resources available). The potential market would include the above but also other segments that would have much less need or ability to recognize their need at some time. Note that there are likely multiple segments with decreasing likelihoods of adopting the product at any time, depicted in outer rings of the target.
Potential Market – Set of consumers who have a sufficient level of interest in a market offer, interest is not enough to define a market. Potential consumers must have enough income and have access to the product offer.
Available Market – Set of consumers who have interest, income and access to a particular offer.
Target Market – The part of the qualified available market (those with the interest, income, access, and qualifications for a particular offer) that the company decides to pursue.
Penetrated Market – Set of consumers who are buying the companys product.