BUS 202 Chapter Notes - Chapter 0: Target Market
21 Feb 2018
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What are the di erentiating features of the product. Highlight how your product ts into the customer value proposition. What is incorporated into your product is better, cheaper, or faster. Entrepreneurs need to identify their market entry and growth strategies. What is the entrepreneurs vision for the company"s long-term growth potential. Look at prices in the market and determine your relative quality to gage price. It is easier to reduce prices later rather than to raise them. Underpricing is common for new products because entrepreneurs underestimate the true cost of production. A problem with launching at a low price is that is it harder to raise it later. Where can it start -> need to build brand recognition and reputation. Communication with customers via advertisements is expensive. The best methods must be selected in order to maximize bene t. What kind and level of human commitment will be devoted to the e ort.
