Evaluating a business opportunity

Evaluating a business opportunity

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Is there a market for the business idea?

Market Size- Profits made by businees, market shares of each business value of sales, no of employees, volume of sales.

Potential market growth; large- alot of potential customers small-potential but limited

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Positioning the business idea

Strengths and weaknesses of existing suppliers- market leader controls suppliers but if new business suppliers may move to them

how they differentiate themselves-

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Product trial

Test marketing of a product to assess likely demand levels-

Sales Research-consumers are given an opportunity to try a new product e.g free sample

Controlled test marketing- a product is made available in few stores e.g only tesco stores

Actual test marketing- a full lunch of a product in restricted area e.g product is sold in usual outlets

consideration of how to turn product trial into repeat purchases.

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