CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEnterprise Marketing3 Marks
Question
Explain any three points to be taken into consideration while 'Assessing the Market'.
✓
Answer
The points to be considered while assessing the market are:
Target market: A target market is a group of customers within a business's serviceable available market that the business has decided to aim its marketing efforts towards. Target markets consist of consumers who exhibit similar characteristics (such as age, location, income, and lifestyle) and are considered most likely to buy a business's product or service.
Demand analysis: demand analysis is a research done to estimate or find out the customer demand for a product or service in a particular market. Demand analysis is one of the important consideration for a variety of business decisions like determining sales forecasting, pricing products/ services, marketing and advertisement spending, manufacturing decisions, expansion planning etc
Understanding the competition in the market: Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
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