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Give FOUR aspects a farmer should consider when conducting a market survey. - NSC Agricultural Management Practices - Question 3 - 2020 - Paper 1
Question 3
Give FOUR aspects a farmer should consider when conducting a market survey.
Worked Solution & Example Answer:Give FOUR aspects a farmer should consider when conducting a market survey. - NSC Agricultural Management Practices - Question 3 - 2020 - Paper 1
Step 1
FOUR aspects a farmer should consider in conducting a market survey
Answer
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Location of the market/Demographics: Understanding where the market is located and the demographic profile of potential customers is crucial.
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Products consumers need: Knowing which products are in demand ensures that the farmer can produce what will sell.
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Price consumers are willing to pay: Identifying the price range that potential customers are willing to accept can help in pricing strategies.
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Competition: Getting insights into competitors in the market helps the farmer to position their products effectively.