Factors to consider when accessing a suitable market

  1. Customer potential – this involves considering the following. Customer spending habits, consumer purchasing potential
  2. Customers taste preference – levels of income and living standards
  3. Market size – one needs to access whether the market is large enough for him to capture market share
  4. Physical infrastructure – this is accessibility to the market
  5. Competition – one must consider the extent of competition as well as the strength of the competitors
  6. Consider the economies of scale – these are the benefits that can be enjoyed for operating in large scales
  7. Demographic trends – this is a brand perspective and includes:
    • Size
    • Levels of income
    • Marital status
    • Education levels
  8. Market budget/marketing cost – a suitable market shouldn’t be expensive and should fall within the entrepreneur budget in terms of financial and technical cost
  9. Market acceptance – an entrepreneur should consider the case with which his products will be accepted in the market.
  10. Attitude of dealers and suppliers – i.e. operations is expected from dealers and distributors.

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