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Give FOUR important aspects that a farmer should consider when a market survey is analysed before starting a new business - NSC Agricultural Management Practices - Question 3 - 2020 - Paper 1
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Give FOUR important aspects that a farmer should consider when a market survey is analysed before starting a new business. - Location of the market/demographic of t... show full transcript
Worked Solution & Example Answer:Give FOUR important aspects that a farmer should consider when a market survey is analysed before starting a new business - NSC Agricultural Management Practices - Question 3 - 2020 - Paper 1
Step 1
FOUR important aspects to consider in a market survey
Answer
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Location of the Market/Demographic: Understanding where your potential customers are located is crucial. This helps in targeting the right audience effectively.
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Products Consumers Need: Identifying the products that are in demand ensures that the farmer is producing what the market will buy, minimizing risk and wastage.
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Price Consumers Are Willing to Pay: Knowing the acceptable price range helps farmers plan their production and ensure profitability.
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Expectations of Consumers: Understanding what consumers expect from their products in terms of quality and other attributes helps maintain standards that meet market demands.