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Developing Successful Marketing Strategies by Gary W. Randazzo

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Chapter 3

Defining the Target Market Approach

A situation analysis requires, as pointed out in Chapter 1, a clear definition of the market to be served and an understanding of how that market can be approached to benefit the organization.

In their book, Blue Ocean Strategy, W. Chan Kim and Renee ­Mauborgne developed the Blue Ocean Strategy Canvas. This canvas allows the ability to look at customers and an industry over several dimensions in order to identify new market opportunities where the competition is irrelevant. The diagram in Figure 3.1 shows how a Blue Ocean Strategy Canvas was used in analyzing the market and trends for Cirque du Soleil.

Figure 3.1 Blue Ocean Strategy for Cirque du Soleil

Source: Reproduced with permission: Harvard ...

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