Which is a logical first step in the sequence for market screening?

The logical first step in market screening is assessing basic needs potential. This step involves understanding the fundamental demand for a product or service within a potential market. Before diving into specifics like competition, political climate, or entry strategies, a company should first determine whether there is a viable market for its offerings. This initial evaluation helps businesses identify markets where consumer needs align with their products, ensuring that they are prioritizing markets that have a fundamental demand.

Understanding basic needs establishes a foundation for sequential assessments, such as identifying competitors, evaluating the political climate, and analyzing various market entry strategies. By confirming that there is a potential demand for their product, businesses can make informed decisions about subsequent steps in the market screening process.