Market niches and Consumer Market Segmentation
There are many types of consumers:
– poor or rich
– conservative or innovative
– single or married (with or without children)
So it is important to determine the Consumer Market Segment of the product (and/or service) before the vale assessment is done.
The selection of the right Consumer Market Segment is beyond the scope of this website. There is a wide variety of theories about it, but it is good to realise that Consumer Market Segmentation in practice is often done by instinct (entrepreneurship).
A good example of Consumer Market Segmentation is provided in the example for the USA.