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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Location of test market
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Size of the market next year
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Safety of the research process
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Design of the questionnaire
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Detailed explanation-1: -There are two factors you need to look at when assessing the size of a market: the number of potential customers and the value of the market. It is very important to look at both numbers separately, let’s take an example to understand why. Although Town B looks more competitive (10 competitors vs.
Detailed explanation-2: -A careful analysis of these four factors-product, price, place, and promotion-helps a marketing professional devise a strategy that successfully introduces or reintroduces a product to the public.
Detailed explanation-3: -Understand your customers. You need to know precisely who your customers are or will be. Use industry data. Directly surveying your current customers can be expensive. Be very focused in your competitive research. Analyze your competitors’ online presence. Continuously monitor your competitors.