Whether a business idea involves selling a copycat product (or service) or selling something that’s totally unique, there are only two reasons why an entrepreneur should undertake the time, effort, and expense of creating a new business to introduce it: (1) customers have shown that they want it and, (2) there is sufficient enough demand … Read more
No matter how good a business opportunity is, and No matter how good a business opportunity is, and no matter how successful a business becomes, the need for gathering, updating, and interpreting information for the purpose of benefiting from constantly changing markets – and then acting upon this information – never ends. Conducting External Research … Read more
The purpose of market research, therefore, is to gather information about a product and its demand. Knowing the size and make-up of a market is a good indicator of how potentially lucrative a product might be. Two types of data tools fulfill the second stage. Sources of Secondary Data Collection Secondary data is the easiest … Read more