entrepreneurship

• Market needs refer to the distinct needs and preferences of customers that create a demand for goods or services within a certain market.
• Comprehending and catering to these market demands is essential for long-term business growth and competitiveness.
• 1.     Who will get interested in my product?

  • HELPS PINPOINT POTENTIAL CUSTOMERS
• 2. What does the market need or want?

  WHAT CUSTOMERS DESIRE OR PREFER
• MARKET ANALYSIS is a market ability to respond positively.
• Demographic - Statistical characteristics of human population.
• Segmentation - process of dividing into segments with similar characteristics.
• TARGET MARKET - Type of customers that are focused within the market.
• market need- Investors must determine the needs of the market also Identify what the customer wants.
• COMPETITION - know the strengths and weaknesses.
• the BARRIERS TO ENTRY are the investment, technology, brand, licenses, permits, access to resources, access to distribution channels, and location
• investment - Project that requires huge investment
• technology- application of the combination of scientific and engineering knowledge
• BRAND-The huge marketing costs required to get a certain level of appreciation
• LICENSES

  These are required by state governments for many professions
• • PERMITS- are a particular type of license that regulates public safety.
• ACCESS TO RESOURCES

  -Exclusivity with suppliers, accessibility of supplies
• Access to distribution channels

  -Exclusivity with distributions, availability of intermediaries
• Location

  -Place or venue where the business is located