Anybody attempting to start a new business without first carrying out a market research and some sort of feasibility study is attracting failure.Market research enables you to find answers to some of the following questions--
- Will you be serving your customers' real needs with your product or service?
- What are these needs?
- How much will your customers be willing to spend on your product or service?
- What is unique about your product that will cause customers to choose your product or servie over that of your competitor.
- To what industry will you direct your sales efforts
- What is the size of that industry now and at what rate is it growing
- Who have you identified will be your principal customers
- For what purpose will they use your product or service
- How significant
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