What is a Served Market
A served market is a geographical region or area in which a company’s services or products are actively offered. It is the area in which a business has invested resources to make its products or services available for purchase. Companies with a wide served market have a larger potential customer base and can reach more customers.
How a Served Market is Identified
A served market is identified by researching the demand for a particular product or service in a given area. Companies use demographic information, financial data, and other information to determine the size and potential of the market. Companies then allocate resources to target and serve the market.
Examples of Served Markets
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- Retail stores – a retail store might focus on a local region, a state, or even an entire country.
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- Restaurants – a restaurant might serve a certain city, or even multiple cities.
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- Online stores – an online store might serve customers all over the world.
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- Software and apps – a software or app could be distributed to a specific region or around the world.
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- Professional services – a professional service provider might serve a local area or even multiple countries.
Benefits of a Served Market
A served market is beneficial for companies because it allows them to focus their resources on a specific area. Companies can then target their marketing efforts to the served market and increase their customer base. Companies can also tailor their products and services to meet the needs of their target market.
Conclusion
A served market is an important part of any business strategy. Companies must research the potential of a served market before investing resources in order to maximize their potential customer base.
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