MANAGEMENT

Detailed explanation-1: -Market assessment enables your company to: Identify the market potential of your company by understanding market and consumer dynamics. Forecast your sales by evaluating the size of existing and potential consumer base. Access capital by indicating the market potential of your products, or services.

Detailed explanation-2: -How can an entrepreneur learn about and understand the industry related to their idea for a new business? Take a class or course related to the industry. Read books and journals about the industry. Interview people who currently work in the industry.

Detailed explanation-3: -It’s part of the research you need to do before going into business. It may not go well if you have no idea who you are going to be talking to about your service or product. Geographic, demographic and psychographic are the three main ways you can find your target market.

Detailed explanation-4: -When developing your market strategy, it’s important that you understand all the potential factors that contribute to your market. These factors will help you determine how you will need to market to consumers, face your competition, and develop your overall business plan.