business planning: Influences in establishing a SME (market considerations)

Question 1

what are the different types of market considerations?

Answer 1

• goods and services
• price
• location

Question 2

goods and services in market consideration

Answer 2

• need to figure out what they will sell or provide
• business must undertake market analysis (involves collecting, summarising and analysing information about the state of the market
• who will buy the product (target market)

Question 3

what is the price in market consideration

Answer 3

• cost based (the total cost of producing or purchasing + the mark up (the difference between the cost to make vs retail price)
• prices can be decided by supply and demand and competitive pricing

Question 4

what is location is market consideration?

Answer 4

• local government zoning can determine where businesses can operate
• can be a physical location or online