ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Market
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A Direct Competitor
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An Indirect Competitor
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Sales force
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Detailed explanation-1: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.
Detailed explanation-2: -A market is a group of potential buyers with needs and wants, as well as the purchasing power to satisfy those needs and wants. These buyers might be individuals, groups, businesses, or organizations.
Detailed explanation-3: -Target Market and Potential Customers A target market is a more broad group of potential customers defined by ranges. For example, for your business, a target market might be ages 18 to 34, or a certain income bracket. This is the group that’s most likely to purchase the product your business has to offer.