Second, I learned market analysis, which is to evaluate market sizes and trends, even your competitive and regulatory environment by asking three important questions, 1. what is the relevant market? I learned only marketable products makes money, not makable products. 2. where is the product in its product life cycle? PLC has four stages: introduction, growth, maturity and decline. and what are the key competitive factors in the industry (quality, price, advertising, research and developement, service)?
I always think to have my own wholesale business, and my dreamed business is selling paintings. My target cusotmer should be those between 25-50, who has high income, luxury life style, male or female. so what is my relevant market? Target, walmart, bed&beyond, arron brothers, joanne's fabric probably controls most shares, so I think it is not marketable. I can only sell to those big chain store, which is very difficult for a startup to enter into. With huge competitions and competitive, I don't think it is marketable unless I create something unique and new to this market. Who should I focusing and what market I should focus?
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