Micromarket

 Micromarket refers to the specific target market segment of a particular enterprise. These are
the target customers that represent the immediate customers of an enterprise, meaning those
who are currently buying the goods or services offered by the enterprise and its direct
competitors. It likewise pertains to a clearly defined location or specific customer group that an
enterprise wishes to serve.

Consumer Preferences, Piques, and Perceptions

 Consumer preferences refer to the tastes of particular groups of people. In contrast, consumer
dislikes refer to the things that irritate customers. Either way, the entrepreneur can explore
opportunities brought about by consumer preferences or dislikes.

 There are times when the product is not changed by the enterprise but what changes is the way
consumers perceive the product.

Other Sources

 Another potential source of opportunity is the entrepreneur’s own set of skills or expertise, or
hobby.

 New knowledge as well as new technology can be the source of highly innovative opportunities.

1. Customer preferences change over time.

2. People’s tastes in clothes, music, shoes, entertainment, dance, sports, hobbies,

and even careers have evolved over the years.

3. What piques customers is a great source of opportunities.

4. Before the customer is won over, there is first a battle for the mind. Next, there
is a battle for the heart. Finally, there is a battle for the wallet.

5. The longer the customer wants to use the product, the greater the chances of
creating lasting loyalty.

6. Opportunities abound in shaping consumer perceptions or occupying spaces in

their minds or places in their hearts that have not yet been filled.

7. New inventions, new systems and work processes, new insights about the
human psyche, new applications for old knowledge, new revelations about how
the physical world works, new interpretations, new combinations based on the
convergence of previous technologies, new outlooks about how life should be
led, and a host of other new things are tremendous sources of opportunities.

8. Determining personal preferences and competencies lay the foundation for a

new business venture.
9. Unexpected occurrences in both the external and internal environment of the
enterprise indicate that significant changes are happening and opportunities are
sprouting.