Find Target Market & Identify its characteristics

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Adrian S.
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Experience Level: Intermediate
The piece of work required is to find a target market for the internet business currenly in the pipeline. The business is based on the lowest unique bid auction. This is where a finite number of individuals need to bid for an item at the lowest possible price, by paying an entry fee.

For example if item X needs 1200 (max bids quota) people to bid for then those bidders in order to place a single bid they would need to pay a fixed fee of £5 in additon to the bid which they would place. Then the lowest unique bidder would be the winner of the item once all 1200 bids have been used up. The cost of the item for the business will be covered by the entry fees which will be £5 x 1200 = £6000.

However this site will be focussed a round a brand new car with a value of approx £17,000 to £20,000.

The outcome of this work from the freelancer should provide an indication if the business idea is feasibile with respect to the target market and potential customers and getting constant stream of entrants.

If any more information is required, please let me know.



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