Market assessment is one of the primary prerequisites for business planning. It is necessary for knowing and understanding the needs, wants and beliefs of people who are going to buy or invest in your product. Market assessment will tell a businessman how to exactly determine the ebb and flow of the market in order to market the product with significant success. Most of the times, you will already know that a market exists for your product. The problem is in knowing how big that market is and if it is big enough to support your business. If a product that is launched has little or no market, you will be out of business. Market research is crucial in gaining a good understanding about your potential customers and competitors and the risks involved. Let’s look at what market research essentially involves Customer Analysis This is necessary for understanding the buying habits and lifestyle preferences of customers. Customer analysis can be based on data obtained through credit …
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