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Researching the market is a very important step in any business strategy. It provides important information that helps identify and analyze the market need, size and competition. You will find that researching your market will help later in developing a marketing plan, and selling your idea to potential investors. Market research includes opinion research and generally is the systematic gathering of information about individuals or organizations to gain insight and help with decision making. Researching the market can help you determine what people want and need and this information can be used to determine how to market your product or service. Three important things for a start-up business are : market information, market segmentation (the division of the market into “subgroups” such as demographic differences and geographic differences) and market trends. One also needs information about competitors, potential customers, competitive products.

It’s easy for entrepreneurs to be so excited about their new idea or product that they are tempted to skip over the important step of researching the market. It is possible, of course, for a business or idea to work anyway with no market research, but taking the time to do it increases your chances of success. Market research can be gathered in a variety of ways; online, at the local library, periodicals, federal and state statistics, even interviewing friends and family. The aim is to gain a general sense of what your potential customers want or need. Create a list of questions you need answered and create a plan for finding the answers to them. You’ll most likely be happen you did this very helpful step in the idea to market process.


 


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