Identifying Potential Customers

Marlon, a fresh college graduate, decided to build up a small business. He studied thoroughly his product and how it will benefit his potential customer. What did Marlon do?

• Analyze the product

• Evaluating the psychographics

• Get familiar with demographics

• Research on successful competitors

There are a lot of high school students passing through Jhon’s business location. Because of this, he decided to add milk tea to his café’s menu which attracts high schoolers. What did Jhon do?

• Analyze the product

• Evaluating the psychographics

• Get familiar with demographics

• Research on successful competitors

Elaine studies her competitors’ customers and products/services to help her in starting a business. What did Elaine do?

• Analyze the product

• Evaluating the psychographics

• Get familiar with demographics

• Research on successful competitors

Before starting a business Veronica conducted a survey of people passing through his business vicinity. This includes basic information such as age group, gender, location, occupation, etc. What did Veronica do?

• Analyze the product

• Evaluating the psychographics

• Get familiar with demographics

• Research on successful competitors

It is another way of searching for your potential consumers online by reading the relevant industry blogs and forums.

• Analyze the product

• Reading blogs and forums

• Evaluating the psychographics

• Do research on successful competitors

What character should an entrepreneur possess in managing a starting business? Explain.