Customer Base and Competitive Ventures

Feb 3rd, 2012
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Alabama State University
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For an entrepreneur to understand market feasibility, one of the most important things to determine is customer base for company products (Giddens, 2013). Understanding the client implies that the entrepreneur understands why the consumers purchase his/her products. As such, a good business owner recognizes

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Customer Base and Competitive Ventures PaperStudent's NameProfessor's NameAffiliationDateCustomer Base and Competitive VenturesRecognizing Potential CustomersFor an entrepreneur to understand market feasibility, one of the most important things to determine is customer base for company products (Giddens, 2013). Understanding the client implies that the entrepreneur understands why the consumers purchase his/her products. As such, a good business owner recognizes the willingness of customers to purchase his/her good, and the greatest needs satisfied by his/her products (Giddens, 2013). The identification and location of potential customers allows the business to evaluate whether or not they can be reached. If it is possible for the consumers to be reached, then the business should proceed with the assessment of market feasibility (Giddens, 2013). If not, there is no need for the entrepreneur to put money into a troublesome venture. Conducting a feasibility assessment on potential customer identification is a good way of saving business money/venture capital in the long run. The customer identification process should help answer the following questions;Who are the potential customers?In the identification of potential customers, there are two assessment techniques that are appeal; qualitative and quantitative assessment (Giddens, 2013). To evaluate potential customers on a qualitative basis, a business owner must consider as set of characteristics that the

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