1. Signs that indicate an area is growing economically well include:
- Increasing job opportunities.
- Rising property values.
- Growth in local businesses.
- Expansion of infrastructure like roads, schools, and hospitals.
- Higher consumer spending.
- Decrease in unemployment rates.
- Increase in average income levels.
2. 'Potential customers' refer to individuals or groups who have a need or desire for a product or service that a business offers. They have the capacity to purchase the product or service, making them valuable targets for businesses. For example, if a company sells sports equipment, potential customers would include athletes, sports enthusiasts, and fitness-conscious individuals who are likely to buy their products.
3. If a business is setting up in an area with a lot of competition, the owner can take several steps to help the business thrive:
- Differentiate the product or service to stand out from competitors.
- Offer unique value propositions to attract customers.
- Focus on providing exceptional customer service to build loyalty.
- Implement effective marketing strategies to reach target customers.
- Monitor competitors and adapt business strategies accordingly.
- Build strong relationships with customers to foster repeat business and referrals.
- Continuously innovate and improve the product or service to stay ahead in the market.
