What makes you think you can capture what portion of this market (sales forecast or demand analysis)?

Business plan for small businesses | Business & Finance homework help

It is essential that I conduct a precise sales forecast as well as a demand analysis in order to capture an adequate portion of the market. The process of forecasting future sales is based upon past performance as well as current market trends. You can do this by analyzing the industry, studying customer behavior, assessing pricing strategies of competitors or doing sentiment analysis online.

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.

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