A professor at the Jim Moran Institute at the College of Business at Florida State University implores people in a new article to do market research before embarking on new product.
Your feelings, your gut, or those of friends and family are not a sufficient measure of future demand. He also says passion is not enough, saying market conditions should be your guide.
He writes about a couple who went personally bankrupt after launching their pet business without realizing the saturation of competitors in their market.
He calls market research "due diligence," which will decrease your chances of making a bad decision on a new venture. He does admit there is “a price tag,” on this data, but then argues the value of it.
“Knowing the demand for your product or service allows you to accurately assess the viability of a business and limit your risk of failure.”
To prepare an accurate forecast you need to employ a market research firm and follow one of the following three approaches: Phone surveys of potential customers, a focus group or conducting a survey via mail or email.
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This blog casts light on market research which is required before starting any organization.This study helps to understand current market details..This is a little comment for your efforts.keep continue with your research..
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