After settling on a particular business idea and assessing your motivation, abilities and resources, you need to find out if there is a market for the product or service you want to render to the public or immediate and remote environment. This will determine whether you will be able to sell to make a profit or gain. You need to assess the market, competitors and sometimes, test the market.
Market research can be looked at from two perspectives. These are:-
- Analysis of the market:- This gives you an insight into the business you are thinking about or want to engage in, the trend and an understanding of the needs of the potential Customers.
- Analysis of Competitors:- A great deal of useful and interesting information can be obtained from a close observation of potential competitors or from a local investment centre