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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity4 Marks
Question
Explain how demand and project innovation and changes' help an entrepreneur in assessing the market?
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Answer

Demand: The demand for a product or service has to be assessed taking into account the various factors. The demand assessment will be based on the size of market being targeted, i.e. local market, market at state level or national/ international market. It will also involve a study of the target groups of consumers, their preferences, tastes and other related variables.
Project innovation and changes: Market assessment will require a study of prevailing innovations and changes being carried out by existing entrepreneurs. Technological advancements in the field have to be analysed because they may change the quality and influence cost and price ultimately.

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