Factors that need to be assessed by the entrepreneur before entering into the market
Describe the various factors that need to be assessed by the entrepreneur before entering into the market. The various factors that need to be assessed by the entrepreneur before entering into the market are as follows: - Demand: The size of the market give an assessment of the demand for the product or service. The study of other factors like the targeted group of consumers, consumer preferences, other variables would help The entrepreneur to assess the demand. - Supply: They should also assess the current supply of the product. The competitors might have a good supply of the product into the market. - Cost and Price: The product should be assessed in-terms of cost. The various factors involved in determining the cost like transit, wastage during production, inventory etc have to be considered. This would affect the final price determined and can have an advantage over the competitors. - Product innovation :The advancement in the technology would have a significant effect on the cost and price. The entrepreneur should carefully study the competitors in-terms of the technology that they’re using. For more content on this topic, please visit www.eduxir.com/curriculum/cbse/class-xii/entrepreneurship/entrepreneurial-opportunity/
