Finding business ideas is easy enough. There are endless possibilities that range from products to services which are in need of improvement or modifications. Producing new, improved products or services than those existing is an advantage over the competition. However, prospective entrepreneurs often forget an essential component of their future businesses. They neglect checking if their ideas are feasible to attract a large and sustainable market by conducting marketing research. As a result, promising businesses often crash due to the entrepreneurs’ lack of business panache.
Marketing research for start-up companies and businesses are usually done in two ways: primary research and secondary research. Primary research entails the use of first-hand data in determining the existence of a market. Conducting surveys, focus groups, and interviews are popular methods of primary research. This means that personal contact between prospective consumers and the companies is necessary. Secondary research is a means to recycle and reuse filed data as a reference for improvements of the service or product.
Primary research is time-consuming but preferable for starting...
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