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GuestUser8117
Guest
Market analysis. 2 important words. This step should be absolutely necessary for entrepreneurs. I've done it to see if my ecommerce venture would be profitable and the result has made me realize that it was not a good investment. If you don't have any idea of your target audience, then how will you know if your business is viable? With a market analysis you can have a great overview of the current market and your customers expectations. Before you start a business you must know what market you are serving and what need(s) you are fulfiling. Does your customers are/will be willing to use your service or buy your products?
Starting a business is a big decision, proceed wisely.
What to seek and include in a market analysis.
I'm certainly missing other factors, but you get the point...
Starting a business is a big decision, proceed wisely.
What to seek and include in a market analysis.
- Market size and growth opportunity : Is there a good market for your business, is there a lot of sales for this product in your area/country?
- Rivality with competitors : How are you gonna beat the competition, what is your strategy for dominating the market?
- Customers habits :
How does your customer thinks, what is the psychology of your consumers? - Attraction and complaints of the current market : How does your business help me, "what's in it for me"? What is missing in this business, what complaints customers are saying about this industry?
- Numbers and economy : Is there a large demand for my product/service? What is the law of supply and demand?
I'm certainly missing other factors, but you get the point...
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