Business and Financial Needs

Your product or service will he be able to compete with products and services of existing businesses?

Once you’ve determined who your customers are, you will need to determine which companies are selling similar products and where they sell them. Will you have to compete with products already on the market? If your idea is a consumer product, visit shops, consult catalogs or attend trade shows to review the products offered and the companies that market. You need to determine why consumers buy the product rather than your competitor. Your product is your price higher or is it lower than that of products from other companies? The best approach is to conduct market research using existing data or using data from your own investigation.

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