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Step 1 – Conduct Market Research

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Plan Your Business

Step 1 – Conduct Market Research

So you have a great idea for a product, something that’s going to capture the hearts, minds, and wallets of consumers. Or perhaps you have stumbled on a service that isn’t being offered by anyone else. This is your chance, this is your opportunity. The first step you would need to take is to conduct market research.

The goal of doing market research is to equip yourself with the detailed information you need to make informed business decisions about product, price, place, and more.

You will need to have a clear understanding of what the market demands. You must determine whether there really is a market for your product or service.

The goal of doing market research is to equip yourself with the information you need to make informed business decisions about start-up, innovation, growth and the 4 ‘Ps’: product, price, place and promotion.

There are many things to learn, many steps to take, so let’s get started. First, we will try to understand and learn how to Conduct Market Research.

So you have a great idea for a product–something that’s bound to capture the hearts and minds

Understanding how the current market works and identifying your competitors is vital for knowing how to structure your business so it will be successful in the long run.

What is market research?

Market research lets you reduce risks even while your business is still just an idea in your mind.

Here are a few tips on how to do market research like an expert, even if you’re a first-time business owner:

Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business.

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