Question

‘Selection of a product or service will depend upon many factors.' While assessing the market, an entrepreneur has to prepare details based on these factors. Explain any two such factors.

Hint:

Market assessment answers two fundamental questions: $$\text{\textbf{Demand:} Are there enough customers who want to buy my product?}$$ $$\text{\textbf{Supply/Competition:} Who else is selling this, and how can I do it better?}$$ A thorough evaluation of these factors is critical to avoiding costly business failures.

Answer 1