Understand market needs

Who and where are the likely customers?
What is the competition offering?
Is there an opportunity?

Gaining market knowledge, assessing the needs of the market and developing an effective business proposition call for the organisation to focus on understanding market needs to improve the likelihood of success. Collaboration enables SMEs to pool resources or expertise and to work together to gain market knowledge. Assessing the needs of a defined market and attempting to fill a gap in that market are important to the SME as it strives for sustainable competitive advantage.

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Matching competence with requirements

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