my Market Analysis
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When you are starting your business -- and when your business is growing and expanding into new markets, products, or services -- understanding the basics of market research is key to success. Market research helps you understand three things: your industry, your competition, and your target market. There are two kinds of market research: Primary research is research in which you go directly to the source to gather data or ask questions. Primary research methods can include:
A key question that all would-be entrepreneurs face is finding the business opportunity that is right for them. Should the new startup focus on introducing a new product or service based on an unmet need? Should the venture select an existing product or service from one market and offer it in another where it may not be available?
Is your business a product in search of a customer? Use these tips to create a product or service customers will clamor for.
To run a successful business, you need to learn about your customers, your competitors and your industry.