ENTREPRENEURSHIP

Detailed explanation-1: -Market Research is defined as “ The process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products and/or services.”

Detailed explanation-2: -Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach.

Detailed explanation-3: -Secondary Market Research Secondary research often answers more general questions that an entrepreneur may have, such as population information, average purchases, or trends.

Detailed explanation-4: -Why is market research important for new business ideas? Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.

Detailed explanation-5: -Analyzing surveys, finding out which techniques your direct competitors are utilizing, and looking to see what customers are looking for right now are all primary market research.