Customers, competitors, trends and government policies are key variables in assessing if ideas are viable opportunities. Explain each of the factors with the help of an example from the local market.
Customers, competitors, trends and government policies are key variables in assessing if ideas are viable opportunities. Explain each of the factors with the help of an example from the local market.
A firm may decide to enter into international business if it has reached its saturation point in the domestic market. The company then decided to sell its existing products to a new market where those products are not being made available or being offered by any other company. To take this opportunity, the domestic companies decide to expand internationally.
Introducing a new product or a product advancement in the market can be a risky and time consuming task. There is lot of risk involved like whether a product will be accepted by the customers or not, will the product match with the expectations of the customers or not. Thus the management has to be very decisive and go through thorough market research before starting to work on a new product. The market research often includes studying about the target customers and knowing their preferences and getting an insight about the proportion of different kinds of customers in a market.
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