ENTREPRENEURSHIP

Detailed explanation-1: -Focus Groups: A group of people representative of the target market (a focus group) agree to provide information about a particular product or general spending patterns over time. They can also test the company’s products and give opinions on them.

Detailed explanation-2: -A market study is an analysis of consumer demand for a product or service. A market study looks at all of the factors that influence demand for a product or service.

Detailed explanation-3: -A well executed market research process will provide solid information on: existing products, capable small business sources, competitive market forces, commercial practices, varying levels of product performance and quality and successful acquisition practices of other organizations.