Researching into your Market prospect.

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:-

  1. 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.
  2. 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 

 

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