STUDYING the market
I run into an American friend from Florida yesterday who had a few devices for sale: Three HP g7 laptops with AMD 8 processor, Two Hp tablets and Three Samsung Galaxy mega with 1.7ghz.
Inconsiderate of the market trend, we went to town in Adum, Kumasi to find buyers...
For barely four hours, no individual buyer was willing to buy our products in hand. Completely worn out, he gave up and we departed after exchanging contacts.
The next day I went back to town to inquire for the prices of the products in our niche then I realized that although our products were of a better quality, the available shops sold same products at our same price but these shops were well-established and gives warranty for the sale of every product which we fell victim to none of these services they render to customers..
Also, from these competitive dealers, consumers prefer a particular product which they don't have in stock and they would have preferred that product if we had it in stock which is;
Tablets with an in-built port, Iphones and Apple laptops which are targeted at graduate students, lecturers and pastors....
My friend is currently setting up a shipment for these products to commence business because he knows what he has to gain.
A feasibility study for every business setup is a good source of information to know what is selling.
Where there is demand for something, there should be correlating growth in employment, the number of new establishments been formed or the industry's overall profits.
You can learn a lot from other successful businesses in your niche. Simply looking at their products and social profiles can give you a competitive analysis tools that your business can take advantage of. Research your competition to get the inspiration to learn new ways to market your business and you may also offer discounts and deals to market your business which in end, results a means of reward to customers..
The most successful business understands that only a limited number of people will buy your product or service. Then the task then becomes determining, as closely as possible, exactly who those people are; is what we will be looking at in the next episode of the Marketing Detective Script called THE TARGET MARKET......
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