Final answer:
A product-focused market definition focuses on the product itself and its appeal to specific customers, while a strategic market definition takes a broader approach and considers various factors such as market size, competition, and growth opportunities.
Step-by-step explanation:
A product-focused market definition focuses on the characteristics and features of a specific product, targeting a specific group of customers. For example, Coca-Cola may define its market as consumers who prefer carbonated soft drinks and are loyal to the Coca-Cola brand. This type of definition is centered around the product itself and how it appeals to consumers.
On the other hand, a strategic market definition takes a broader approach and considers various factors such as market size, competition, and target audience. For Coca-Cola, a strategic market definition may include analyzing the overall beverage industry, identifying trends, and determining potential growth opportunities. It takes into account not only the product itself, but also the business's long-term goals and strategies.
Overall, a product-focused market definition is more specific and product-oriented, while a strategic market definition takes a holistic approach and considers the broader market dynamics.