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Market Research

Market Research

Anyone serious about starting a business should know who the likely customers are, how much they will pay for a product or service, who the competitors are and what they offer, and whether the location of the business is important.

Market research is equally important for internal use in the planning processes of an existing business. Many firms continue to provide the same product or service over the years, as long as it sells, only to find that they have been overtaken by their competitors. Ideally, businesses should regularly revise products or services in order to keep up with customer demands. Market research is a structured way of keeping track of how the customer base is changing, what customers want, what competitors offer, and any changes which may affect the business.

Activity 1 - Make your  own market survey using Survey Monkey
Resources - Sources of Market intelligence

Page Updated: 4th September 2017 (HLB)