ENTREPRENEURSHIP

Detailed explanation-1: -Accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general.

Detailed explanation-2: -Market Research. an organized way to gather and analyze information needed for business decisions. Market. potential customers (People or business) willing and able to purchase a product or service.

Detailed explanation-3: -Market research is the process of gathering and analyzing information about a market, product, or service in order to gain insight into customers, competitors, and the market itself.

Detailed explanation-4: -Traditionally, market research encompassed four major disciplines: primary, secondary, quantitative and qualitative. However, as technology and marketing have become sophisticated, we’ve divided many of these types of research and insights into individual processes that allow for more granular data collection.

Detailed explanation-5: -Pros and cons of primary data Primary data often involves conducting the research yourself or hiring a dependable research company. Because of this, you can avoid unreliable information from outside sources. Primary data can be more accurate and beneficial than secondary data. It’s specific to your niche market.