The paper "Market Segment, Target Market, Potential Target - Factors to Consider before Starting Business" is an outstanding example of a business essay. Before undertaking any business investments it is important for an investor to consider the demand trend of the products to trade as well as the target consumers. It is essential to identify an appropriate market segmentation method such as geographic and demographic criteria to help cover a large number of consumers. Copper metal is widely used in many various industries across the world. Therefore target market for copper includes a range of consumers ranging from electricians, schools, constructors, metal manufacturers, hospitals as well as engineering companies among others.
Japan, China and South Korea are among Australia’ s major copper exporters and biggest copper consumers making their markets viable for more foreign investments. However, these markets are often faced with challenges that tend to threaten foreign investments which include political instability and high corruption. This paper will analyze the market segment, target market, potential target as well as the various factors to consider before starting a business. These factors include demographic, geographical, economic, legal and political factors.
It will also tackle the potential challenges faced by the target markets. Market attractiveness report Copper is an important product widely used in plumbing, various electrical applications as well as building applications. It also used in metal alloys due to its high thermal as well as electrical conductivity ductile characteristics. It also holds a cultural significance to humans since it was the first metal ever used by man as early as 7000BC. Australia is among the world’ s top copper producers, ranked top fifth on the list.
It is Australia’ s top ten most valuable product exports with 13 percent of the world’ s resources of copper. It has substantial copper resources almost in every state including the Northern Territory but predominantly found in Queensland and South Australia. Copper has been mined in Australia since its first discovery at Kaunda in Southern Australia in 1892. Currently, Australia produces more around 900 kilo-tonne of copper per annum, making it the sixth biggest producer after countries such as Peru, The USA, Indonesia, and Chile.
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