Legal Services as a Thin Market
Chapter 3. Legal Services as a Thin Market
A “thin market” is a term used to describe a marketplace where there are few consumers who are buying something that they need maybe only once or twice in their lifetimes about which they make the decision fairly quickly. A classic example is when someone’s refrigerator breaks. That person perhaps has never been in a situation where they needed to buy a refrigerator before, but they need to do so today so that their food doesn’t spoil. Considerations such as “Can it be delivered today?” and “Will it fit within the dimensions of my kitchen cabinets?” take precedence over cost and brand. And once the consumer decides upon the refrigerator, they are not back in the market for a refrigerator for perhaps another 20 years.