Learning Point

What is Target Market? A target market is the group of people a business wants to sell its products or services to. These are the people most likely to buy it. What is Market Segmentation? Market segmentation means dividing a large group of people (the market) into smaller groups based on things they have in common like age, interests, or location. This helps businesses focus better and sell more. 📊 4 Main Types of Segmentation: Type Based On Demographic Age, gender, income, education Geographic Country, city, weather Psychographic Lifestyle, interests, values Behavioral Habits, brand loyalty, buying use 🧾 Example: Selling Laptops to Students Let’s say a company wants to sell laptops to students. Here's how they can identify and segment the market: 🎯 Target Market: College and university students who need laptops for onl...

1. 🧠 Brainstorming A classic method. Focus on quantity over quality first. Example: Brainstorm services law students can provide digitally legal writing help, case summarization apps, etc. 2. 🔁 SCAMPER Technique A technique to improve existing ideas: S ubstitute: Can you replace a traditional legal service with AI? C ombine: Merge legal consultancy with HR for startups. A dapt: Use legal tech from other countries and localize it. M odify: Change the way legal advice is delivered (e.g., voice notes, AI bots). P ut to another use: Can legal education be repurposed into coaching for competitive exams? E liminate: Remove the need for in-person meetings in legal consultation. R earrange: Make a subscription-based legal aid service. 3. 🔍 Problem Identification Look for pain points in: Courts Law firms Legal education Contract drafting, documentation Example: Law students often struggle with finding internsh...