This term refers to all the goods and services that a company offers in a particular market. This is a fact. A company cannot satisfy all the needs of a primary market. To find its way, it is imperative to find its reference market. To achieve this, the company must break down the main market into several product-market pairs.
Each couple is characterized by 3 precise dimensions which are :
- the relevant audience or buyer group,
- the needs to be met,
- the basic technology or function of the proposed product.
With this breakdown process, the company can easily define specific sets of activities.