Answer to Question #261232 in Marketing for Beb

Question

Conduct a Focus Group Discussion (FGD) among five of your friends in your neighborhood who are interested to have their own business in the future. Ask them what they have observed in the community or in other places that they have gone to so that they may have prospects on what are the products being bought or patronized by the customers which are not yet offered by other entrepreneurs in your locality. List down 3 possible products to be introduced for the target market.

Answer 1

The following are the results of the focus group conversation among the five group members who are establishing a new business. The neighborhood in which we live provides us with ideas for beginning a new business. Every business begins with an idea - a fantastically brilliant idea that actually works. Expertise, after determining what type of business you want to establish, you must begin acquiring the necessary information and expertise to launch that firm. If you are certain that you want to establish a business, the following step is to research the market or demand for your product or service.You will not be able to survive in the market for long if you do not know who your competitors are and what they are doing.Convenience goods, shopping goods, and speciality items are examples of products that could be introduced to the target market.