ABSTRACT
This chapter explains that a market is where supply meets demand and how market exchange links providers' applications of a technology to customer segments with their needs. It explores how to identify and target the segment that benefits most from the new technology and application. The chapter also explains the options of technology push versus market pull. Abell proposed a model that is still widely recognised for conceptualising a market. Abell's conceptualisation of 'the market' consists of three dimensions: alternative customer groups; customer needs that exist in the market; and alternative technologies. In traditional marketing, a manager first selects the most attractive segment (e.g. based on size and growth) and then has research and development develop a new product for it. In contrast, an entrepreneur's radical new product application is the starting point, and then the target customer segment is identified and selected.
