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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

