LO3-Recognize-and-Understand-the-Market.pdf

ENTREPRENEURSHIP  RECOGNIZE AND UNDERSTAND THE MARKET TARGET M ARKET  TARGET M ARKET ▸ Is sage in market identification process that aims to determine the buyers with common needs and characteristics. 4  CUSTOM ER REQUIREM ENTS ▸ Are the specific chara...

ENTREPRENEURSHIP  RECOGNIZE AND UNDERSTAND THE MARKET TARGET M ARKET  TARGET M ARKET ▸ Is sage in market identification process that aims to determine the buyers with common needs and characteristics. 4  CUSTOM ER REQUIREM ENTS ▸ Are the specific characteristics that the customers need from a products or a service. TYPES OF CUSTOMER REQUIREMENTS ▸ Service Requirement ▸ Output Requirement 5  SERVICE REQUIREM ENT ▸ Intangible thing ▸ It includes all aspects of how a customer expect to be treated while purchasing a product a product and how easy the buying process goes. 6  OUTPUT REQUIREM ENTS ▸ Tangible thing ▸ Costumer that will avail services as a product, then various service requirements can take the form of output requirements. 7  M ARKET SIZE ▸ It is the approximate number of sellers and buyers in a particular market. 8