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General discussion

How to know the demand of the market?

Oct 22, 2008 4:15PM PDT

Hi everybody,
I am going to start a retail business, before starting a retail business I just want to know the demand of the market. I think in retail industry it?s important to have quite an intelligent look at market. I am looking for some tips which will help me in earning good amount of profit and ways which will help me to understand the need of market.
Thanks a lot for your future help!!

Discussion is locked

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Location, location, location.
Oct 23, 2008 8:26AM PDT

I'm going to share my most successful shop had a great location. I also had a service that people needed. The retail end grew over time but the hours per day finally had us sell it off.

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Re:How to know the demand of the market?
Oct 23, 2008 6:58PM PDT

Yeah! It?s really very important to know the demand of the market. First of all perform a feasibility analysis to make sure that the business you want to start is going to be beneficial. Retail is a fast growing industry but it requires quite a study before actually going into it. There are some methods like SWOT analysis to have a idea about market trend and actual potion of market. As it?s important in this industry to cater to right market and in retail industry market position of area where you are going to start your business is vital. Requirement of market should always be taken care off. To earn a good amount of profit you have to hit the bull?s eye with a needle precision. Hope this will help you to some extent.For more details about retail market visit http://www.2ono.com/Retail-Business.html

All the best for future!!

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Your retail business
Nov 5, 2008 7:16PM PST

First go to Google. As you probably know, lately they apply the number of apperances for the phrases you are searching for. From that data you can derive the competition.

Then, find the firsts and see what kind of users they are targeting, what are the most selling products, and for what prices.

If there are no competitors, try another niche. Don't try to reveal an emtpy niche; It's most probably that others has failed there.

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Competitor Espionage
Jan 8, 2009 2:22AM PST

Hi Maria,

You can research all sorts of things on the internet, and get all sorts of information, but one of the best ways to find out what others in a particular market are doing is some simple competitor intelligence.

For example, when I was in the restaurant business, I was able to make a good estimate of a competitors sales by talking to his/her employees and finding out how many cases of drink cups they went through a week, or how many cases of meat, or a few things like that.

You don't have to know their exact dollar volume, most keep that pretty bottled up, but if you can determine what their key consumption items are, many business managers will routinely talk about that.

Cheers,
Kirk Ward

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