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52<br />
BUSINESS SKILLS<br />
1.3 Subjects of interest<br />
The central marketing subjects of interest for an entrepreneur<br />
are: customers, product, costs and competition.<br />
Customers – target the <strong>business</strong>’s customers<br />
• Who are the target customers?<br />
• What do the customers do (e.g. housewives,<br />
<strong>business</strong>men, farmers)?<br />
• Where are they located and where do they shop?<br />
• What are they willing and able to pay?<br />
Product – the goods or services the <strong>business</strong> wants to sell<br />
• What products is the <strong>business</strong> offering?<br />
• What is the volume of demand for these products?<br />
• What makes the <strong>business</strong>’s product special?<br />
• Is there a demand for the <strong>business</strong>’s specific product?<br />
Cost – the cost of producing and selling the <strong>business</strong>’s<br />
products<br />
• What are the total costs of the product (i.e. direct costs,<br />
indirect costs, depreciation)?<br />
• What will the selling costs be?<br />
Competition – the <strong>business</strong>es offering similar products<br />
on the same market<br />
• Who are the competitors?<br />
• Where are the competitors located?<br />
• What are their prices?<br />
• What are the characteristics of their products?<br />
• How do they market their products?<br />
Market research is an ongoing activity. Entrepreneurs must<br />
continuously observe the parameters of interest and stay on<br />
top of developments in their markets. This allows them to spot<br />
changes and gives them the opportunity to adapt their <strong>business</strong>es.<br />
Based on their market research, entrepreneurs create<br />
and adapt their <strong>business</strong> marketing strategy, i.e. the way in<br />
which they want to promote their products.
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