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Certain aspects should be kept in mind while figuring out the above needs:








                                   QUALITY              QUANTITY




                                          Quality & Quantity                         Price















                                             Location                                  Time


                 Conducting a Customer Survey
                 Surveying customers is an exercise entrepreneurs do to understand if there is a market for what they have to offer.
                 Through this survey, entrepreneurs try to find out if they meet the needs of their customers and also understand what
                 their preferences are. Surveying customers is one of the most effective ways to find out what customers want. Surveying
                 can be done by talking directly to customers and asking them questions.

                 Understanding Competitors
                 Before an entrepreneur starts a business, another important step in understanding the market is knowing which other
                 companies in the market offer the same product or service. This helps an entrepreneur understand the competition he/
                 she may face. Some key aspects to keep in mind while studying your competition are:






                                                                           Position
                                                                       (High quality/Low
                                                  Any offer given to   quality brand, etc.)
                                                      customer




                                                   Relationship with
                                                      Customer             Price











                                                                                      Entrepreneurial Skills-III  85
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