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    Micromarket

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    Zia Zobel
    The document discusses sources of opportunities for entrepreneurs including micromarkets, consumer preferences and perceptions, and new technologies. It notes that 1) customer preferences change over time, 2) what irritates or intrigues customers can provide opportunities, and 3) new inventions, knowledge, and unexpected changes can all be potential sources of new opportunities.

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    Micromarket

    Uploaded by

    Zia Zobel
    1K views2 pages
    The document discusses sources of opportunities for entrepreneurs including micromarkets, consumer preferences and perceptions, and new technologies. It notes that 1) customer preferences change over time, 2) what irritates or intrigues customers can provide opportunities, and 3) new inventions, knowledge, and unexpected changes can all be potential sources of new opportunities.

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    The document discusses sources of opportunities for entrepreneurs including micromarkets, consumer preferences and perceptions, and new technologies. It notes that 1) customer preferences change over time, 2) what irritates or intrigues customers can provide opportunities, and 3) new inventions, knowledge, and unexpected changes can all be potential sources of new opportunities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views2 pages

    Micromarket

    Uploaded by

    Zia Zobel
    The document discusses sources of opportunities for entrepreneurs including micromarkets, consumer preferences and perceptions, and new technologies. It notes that 1) customer preferences change over time, 2) what irritates or intrigues customers can provide opportunities, and 3) new inventions, knowledge, and unexpected changes can all be potential sources of new opportunities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Micromarket

     Micromarket refers to the specific target market segment of a particular enterprise. These are
    the target customers that represent the immediate customers of an enterprise, meaning those
    who are currently buying the goods or services offered by the enterprise and its direct
    competitors. It likewise pertains to a clearly defined location or specific customer group that an
    enterprise wishes to serve.

    Consumer Preferences, Piques, and Perceptions

     Consumer preferences refer to the tastes of particular groups of people. In contrast, consumer
    dislikes refer to the things that irritate customers. Either way, the entrepreneur can explore
    opportunities brought about by consumer preferences or dislikes.

     There are times when the product is not changed by the enterprise but what changes is the way
    consumers perceive the product.

    Other Sources

     Another potential source of opportunity is the entrepreneur’s own set of skills or expertise, or
    hobby.

     New knowledge as well as new technology can be the source of highly innovative opportunities.

    1. Customer preferences change over time.

    2. People’s tastes in clothes, music, shoes, entertainment, dance, sports, hobbies,


    and even careers have evolved over the years.

    3. What piques customers is a great source of opportunities.

    4. Before the customer is won over, there is first a battle for the mind. Next, there
    is a battle for the heart. Finally, there is a battle for the wallet.

    5. The longer the customer wants to use the product, the greater the chances of
    creating lasting loyalty.

    6. Opportunities abound in shaping consumer perceptions or occupying spaces in


    their minds or places in their hearts that have not yet been filled.

    7. New inventions, new systems and work processes, new insights about the
    human psyche, new applications for old knowledge, new revelations about how
    the physical world works, new interpretations, new combinations based on the
    convergence of previous technologies, new outlooks about how life should be
    led, and a host of other new things are tremendous sources of opportunities.

    8. Determining personal preferences and competencies lay the foundation for a


    new business venture.
    9. Unexpected occurrences in both the external and internal environment of the
    enterprise indicate that significant changes are happening and opportunities are
    sprouting.

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