describe the factors considering while selecting a product or service? ( answer explain briefly in 5 points)
Answers
Explanation:
a. Demand: The demand assessment will be based on the size of market being targeted, i.e., local markets, market at state level or national/international market. It will also involve a study of the target groups of consumers, their preferences, tastes and other related variables. b. Supply and nature of competition: While assessing market, supply position is also studied by entrepreneurs. A complete picture of quantities of the product made available in the market by all the existing players should be made available. It should take into account future supplies from possible entrants in the field. c. Cost and price of product: It is important to determine the cost of the product and its comparison with available products in the market. Cost variable of competitors in terms of transportation delays, wastage, storage etc., have to be studied to spot cost advantage. This will influence the delivery mechanism of the identified product or service. d. Project innovation and change: Market assessment will require a study of prevailing innovations and changes being carried out by existing entrepreneurs. Technological advancements in the field have to be analysed because they may change the quality and influence the cost and price ultimately.Read more on Sarthaks.com - https://www.sarthaks.com/509364/explain-the-various-factors-involved-assessing-market-while-selecting-product-service