Question

Kalim developed a new food product that he was certain would be popular with consumers. He researched his target market and made sure that the industry was growing. However, once he launched the product, prospective customers told him that the product was priced too high. How could he have avoided this problem?

Answer 1

Kalim could have avoided this by seeing how much the most popular food product and lease a price it through that range.

For example, Bananas are 14$, and Pizza is 95$

He could have made the price 30 - 60$.

Answer 2

by better defining his niche

Step-by-step explanation:

A niche market is a poorly or under-served portion of a large consumer group, a hidden opportunity within a broad and competitive business segment. It is an essential concept for marketing and sales.

Finding and correctly defining a niche market is critical to building a successful business. However, knowing which market to attack can be a challenge for many entrepreneurs, as it was a challenge for Kalim, who despite doing extensive market research for his product, did not define his niche market well and ended up offering a product to a price that did not please customers.

If you are starting your business now, finding your niche should be the first step in your go-to-market strategy. At this point, you need to be accurate in your investments, and a good market niche can yield you the first customers and help your company achieve financial health quickly.