Newly liberalized market characteristics
| Market characteristic | Explanation of the characteristic | Opportunity for an entrepreneur |
|---|---|---|
| 1. Market heterogeneity | Local, fragmented, low scale, and often reflective of pre-industrialization | Employ demand generation as the need for certain products or services has not yet been realized |
| 2. Sociopolitical governance | Strong power exerted by public authorities through direct law and social influence | Creating relationships through government affiliation in order to curry favor |
| 3. Unbranded competition | Not previously open to outside competition. Branded products usually do not exist or command much demand | Utilize brand awareness to create a market place for certain products |
| 4. Inadequate infrastructure | Often lacking a basic network of operations including logistics, market transaction enablers, and basic banking functions. Also including a lack of communication, information, and transaction technologies | Establishing non-traditional production or selling methods in order to establish a competitive advantage |
| 5. Chronic shortage of resources | Lacking essential resources including not only natural resources, but production, exchange, and consumption resources as well | Resource improvisation in order to avoid diseconomies of scale |
| Market characteristic | Explanation of the characteristic | Opportunity for an entrepreneur |
|---|---|---|
| 1. Market heterogeneity | Local, fragmented, low scale, and often reflective of pre-industrialization | Employ demand generation as the need for certain products or services has not yet been realized |
| 2. Sociopolitical governance | Strong power exerted by public authorities through direct law and social influence | Creating relationships through government affiliation in order to curry favor |
| 3. Unbranded competition | Not previously open to outside competition. Branded products usually do not exist or command much demand | Utilize brand awareness to create a market place for certain products |
| 4. Inadequate infrastructure | Often lacking a basic network of operations including logistics, market transaction enablers, and basic banking functions. Also including a lack of communication, information, and transaction technologies | Establishing non-traditional production or selling methods in order to establish a competitive advantage |
| 5. Chronic shortage of resources | Lacking essential resources including not only natural resources, but production, exchange, and consumption resources as well | Resource improvisation in order to avoid diseconomies of scale |
Source: Based on Sheth (2011)
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