Market analysis section of a business plan determines if there is a large enough customer pool.
What is Market?
- A market is defined as the aggregate of all buyers and sellers in the region or regions under consideration.
- A region can be a globe, country, region, state, or city.
- The value, cost, and price of traded items are governed by the forces of supply and demand in the market.
- Economic market structures can be divided into four categories: perfect competition, monopolistic competition, oligopoly and monopoly.
- Categories differ based on the following characteristics: The number of producers is large in monopolistic competition, few in oligopoly, and one in monopoly.
- A market place is a place where buyers and sellers meet to facilitate the exchange or trade of goods and services.
- A market place can be physical, like a retail store, or virtual, like an e-merchant.
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