Market definition
Defining which products, customers and geographic areas fall within a market for a stated analytical purpose. Relevant evidence can include substitution and competitive conditions; buyer perception alone does not settle the boundary.
Related variants Market segment
Market definition in practice
Hypothetical: an analyst estimates industrial-widget demand and, separately, demand for all industrial components. Those scopes produce different market sizes. Compare the same geography, period, currency and product coverage before using either estimate to calculate a market share.