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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market3 Marks
Question
“Market offering can be prepared by following a step-by-step process". Explain the steps involved in the process of preparing a ‘market offering'.
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Answer

The steps involved in the process of preparing a ‘market offering' are explained below:
  1. First step: Choose the product that will meet the unsatisfied needs of the chosen consumer group.
  2. Second step: Determine the price of the product that is acceptable to the consumers and achieves the objectives of the firm.
  3. Third step: By performing various distribution functions, ensure that the consumers conveniently receive or have assess to the desired product. Fourth step Through various promotional measures spread the awareness about the product.

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