How to predict the target market for your product

Reference no: EM133724113

Project Purpose

In this project, you will select a new business opportunity, that interests you, and which will be the subject of all the course work assignments. You will explain why this opportunity is for you and at first blush appears right for you to begin.
Outcomes You Will Meet by Completing This Project:
• Able to identify a possible business opportunity.
• How to predict the target market for your product or services.
• How to evaluate the personal probability of success.
• How to evaluate for potential competitors.

Instruction
Review some of the ways to find ideas in the class material to help you select a business. You may have idea of your own already that is great but be careful to look at is commercial viability and your ability to make it happen. There are also some ideas in the articles listed below. Select an idea that you personally believe is a business you could start and could participate in developing. In making your choice, pay close attention to the idea of whether you have an idea in which people will benefit from and therefore buy what you are selling. NO business is too small as long as you make money.
In two pages write a thumbnail sketch of your idea, along with an explanation as to how the idea was selected by you and why it appeals to you personally. Answer the following questions in your explanation:
• Is this a new business idea or is their existing competition?;
• Does this idea serve to fill a need sufficient enough to appeal to a wide group of customers?;
• Who is the group target market that would be interested in this project?;
• Complete a Pest Analysis Pest Analysis Format
• Do you have the core competencies to run a business of this nature?; and
• Is this idea financially viable for you?

Reference no: EM133724113

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