ENTREPRENEURSHIP

Reflection 1:
JEANELLE MOLINA
 How important is it to know our market first
before establishing our business?

Understanding your competition is

essential for running a successful
business. You must devote time to
researching your competition's various
successes and failures. Market research
identifies who might pose a threat to
your new venture, giving you an
advantage. Knowing your competition
allows you to work strategically to
change customer loyalty and position
your brand in a unique light.
 How important is it to know our market first
before establishing our business?

For example, suppose you want to open a coffee

shop in your town, but there are already several of
them, and you build yours similarly to them without
an unique plan. Of course, people will not like the
same coffee shop, so they will return to their favorite.
And they won't come to your shop because you
didn't do any research on who you're selling to, who
your competitors are, and what makes your plans
unique.
 What really motivates you in buying a product?

As a customer, I must think carefully before

purchasing a product, knowing that I will be spending
money. I believe it will be useful and durable for a
long time, help 2me improve physically or mentally,
and make me feel like I am a part of that product. I
always keep in mind that purchasing the product will
save me time, energy, and money.
 What really motivates you in buying a product?

For example, I intend to purchase an Aquaflask

insulated tumbler. I always think this product will be
very useful because I love water, and it's insulated, so
the cold will stay
2 even if I'm outside for hours. And I
bought an aquaflask not because it was a trend, but
because seeing the Aquaflask artic white tumbler
gives me a sense of belonging, and buying accessories
for that tumbler makes me happy.
Why is there a need for a company to know the needs of its
target market?

For your business to thrive, you

must understand who your
customers are and have a high
potential for sales. It's useful to
understand who your product
appeals to. Knowing your
customers allows you to target
those who are willing to pay for
your product or service. and
enables you to target your
marketing efforts in the most cost-
effective manner possible.
Why is there a need for a company to know the needs of its
target market?

For example, On The Way Subs is a sandwich shop

in a suburban town that is adjacent to a gas station.
On The Way Subs anticipates that many of its
customers will be traveling due to its closeness to
the highway. Its target market is adults with low to
moderate incomes who want a quick but filling meal.
They advertise low prices and package deals on
billboards, and their marketing features race cars to
emphasize their quick service.