ABSTRACT
This chapter discusses the six key management implications regarding business market definition. These strategic issues greatly impact the marketing performance of organizations. Defining markets lays the groundwork for successful business strategy. Strategic marketing planning should consider emerging international business opportunities. Geographic market identification is relatively easy to conduct, low cost, and quite informative. The European Union and Latin America are frequently target areas of interest to US based multinational companies; Asia, Africa, and other regions should also be carefully investigated to find the best product-market fits. Market definition is the foundation upon which effective business or marketing strategy decisions can be built. The concept of levels of market definition means that Segmentation Targeting and Potioning (STP) marketing can only be successfully developed and implemented if a definition of the presegmented market for the business unit exists.
