Business plan for small businesses | Business & Finance homework help
Once enough information has been gathered, I will need to do a demand assessment. This includes looking at existing supply levels as well as potential substitutes and consumer preferences. I will use this information to determine how likely my target market is to buy or take advantage of my service. This will help me to identify potential threats and opportunities in the market that could affect my success.
These two steps are essential to help me determine the size of my market and how I can capture it. Understanding both demand and supply dynamics is crucial for making key pricing decisions and marketing actions. This will help you generate maximum profit from your venture.