Question

What do u mean by market assesment

Answer 1

Market assessment is a detailed and objective evaluation of the potential of a new product, new business idea or new investment.

It is a comprehensive analysis of environment forces, market trends, entry barriers, competition, risks, opportunities and the company’s resources and constraints. Whether you are thinking of venturing into a new market or launching a new product, conducting a marketing assessment is the crucial first step in determining if there is a need or a potential customer base for your product.

A well executed market assessment will enable your company to decide where to use limited resources and to go after markets and opportunities that will provide the best returns on investments.

Failure to conduct proper market assessment could result in wastage of resources, missed opportunities, poor returns on investments and even substantial financial losses which could be detrimental to the future of your company.

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Answer 2

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$<b>Your answer-</b>$

An assessment of the potential market for a product is an essential part of determining the viability and growth potential for new and established companies.  Well defined metrics, coupled with realistic goals for customer acquisition and client growth is part of the key foundation to long term success for a growing business or product line.

$<marque>Hope this helps</marque>$

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