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Unfulfilled and Known Needs
                 These needs are known to customers, but are not met by anyone in the market. For example, residents of small towns
                 had no electricity at all times, and therefore their children could not study after sunset. A company recognized this
                 problem and installed solar lamps, which are charged during the day and can be used at night.

                 Unknown Needs

                 These are needs that people have but are not aware of or expect to be addressed by a business. For example, 10 years
                 ago people didn't know that online education is possible. However, through innovation, entrepreneurs have found the
                 technology to make it happen.

                 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
                                                                                                            Position
                 understanding the market is knowing which other companies in the market                  (High quality/
                 offer the same product or service. This helps an entrepreneur understand   Any offer given   Low quality
                 the competition he/she may face. Some key aspects to keep in mind while   to customer     brand, etc.)
                 studying your competition are:


                                                                                          Relationship      Price
                                                                                         with Customer





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