demand for products or services

How to Assess Market Demand?

Assessing market demand involves several steps:
Market Research: Conduct surveys, focus groups, and analyze industry reports to gather data about consumer preferences and behavior.
Competitor Analysis: Evaluate the offerings of competitors to understand their strengths and weaknesses, and identify gaps in the market.
Customer Feedback: Engage with potential customers to gather feedback on your product or service concept.
Test Marketing: Launch a minimum viable product (MVP) to gauge interest and collect data on actual consumer behavior.

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