Business plan for small businesses | Business & Finance homework help
It is essential that I conduct a precise sales forecast as well as a demand analysis in order to capture an adequate portion of the market. Forecasting sales involves forecasting future sales using past market performance and trends. You can do this by analyzing the industry, studying customer behavior, evaluating competitor pricing strategies and performing sentiment analysis online.
After I’ve gathered enough data, I can then perform a demand analysis. This involves looking at factors like existing supply levels and potential substitutes. To determine the likely market share to buy my products or use my services. I will be able to see any opportunities and threats in my market which may impact my chances for success.
These two steps are essential to help me determine the size of my market and how I can capture it. Knowing the supply-demand dynamics will allow you to make key decisions regarding pricing strategies, marketing, and other activities that are crucial in generating maximum profits from your venture.