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Product or service. This pertains to a clearly defined problem in the society whose solution you offer.So what do you think is the problem of a specific group of market and how will you address that? The makers of Wal-Mart initially thought of the need for busy people to have a one-stop shop that has everything they need from groceries and market supplies to electrical and hardware materials to save time and they addressed that. This will detail what your business is all about; importance and profitability.
Target market. Who are your intended recipients of the product or service? This will need evidence of researches and surveys of the target group to ascertain their needs. A good market analysis will contribute to niche market success and eventually propel you to a wider audience and undoubtedly monetary gains later on. Do this by conducting mock experiments that will in one way or other influence sales and keep you on edge from existing competition.
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Find more at how to start a business, and on this article writing a business plan. Come visit and see what we have to offer new businesses.


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