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Business foundations

Choose a market segment you can describe

A precise audience is easier to research than an entire industry.

Cultivate Business editorial · October 7, 2026 · 2 min read

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Draw a practical boundary

An industry can contain businesses with very different budgets, workflows and decision makers. A packaging supplier selling to a small local operator faces different questions from a software company serving multi-location organizations. Describe a segment using observable characteristics such as service needs, team size and geography. Avoid assuming that everyone sharing a sector label wants the same thing.

Study the buying process

Find out who first notices the problem, who evaluates a solution and who authorizes spending. Those roles may belong to different people. Ask about the documents needed before a supplier is approved and how long a typical purchasing cycle takes. This research can reveal whether your current offer is easy to understand and whether its delivery schedule matches the customer’s actual process.

A short working checklist

  • Define the segment using observable characteristics.
  • Identify users, evaluators and decision makers.
  • Document the customer’s supplier-approval process.

Further reading

General educational material. Requirements depend on the actual activity and jurisdiction.