new business module

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BUSINESS SKILLS
The main duty of entrepreneurs is to make sure that all operational
activities needed to provide goods or services to the
customers are conducted as required and a profit is generated.
To do so, they have to plan, organize, lead and control. This is
called business management.
1.5 Market demand
Customers buy a good or service to satisfy a need or solve a
problem; the key to a successful business is therefore a satisfied
customer and not, as many believe, a superb good or
service. If no one is willing to buy a business’s goods or services,
it does not have a market, however superb its goods or
services may be. Without sales, a business cannot exist.
It is important to note that every new business starts without
customers. It must convince people to buy its goods or services.
It is therefore crucial for entrepreneurs running a
business to know to whom they plan to sell their goods or
services. They need to know their market.
A market can be divided into different market segments, with
each segment representing a group of customers with particular
characteristics. From a business’s point of view, a market
consists of specific customers who are willing and able to buy
its goods or services. Take, for example, the market for locally
produced traditional sandals for men in a small town.
Each market and each market segment works in its own particular
way. The goods or services can be sold in different locations,
at different times, in different manners, with different
services, etc.
The entrepreneurs’ first interest should be the needs and preferences
of the people they want to sell their goods or services
to. The most important question is: What do the customers
want?