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What is Involved in Market Research for a New Business?

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QsId 45
Asked by Tuwaze Mawazo
Category Personal Question
Title What is Involved in Market Research for a New Business?
 

Tags Market research, new business, business plan, entrepreneur, home business
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Answers

MemberAnswerDate
Isaac Thuku

What is Market research?

Market research is the process of collecting information about the market where you are planning to sell your product and finding out how the potential customers will react to the product.

Market research allows you ascertain the following supply and demand information:

- Is there need in the market for your product

- What is the size of the market available for your product?

- Is there competition for the same product in that market?

- Are there opportunities to increase profits for existing products?

Easy ways to carry out Market Research

- Customer surveys

- Observation based on existing market trends

- Conducting experiments

Entrepreneur conduct market research and use the market intelligence gathered to:

- Create new products tageting a certain need in the market that is not being met

- Improve existing product features and pricing to improve sales as well as get repeat business.

2015-11-10

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