Market research blends consumer behavior and economic trends to confirm and improve your business idea
Demand: Is there a desire for your product?
Market Size: How many people would be interested in your offering?
Economic Indicators: What is the income range and employment rate?
Location: Where do your customers live?
Market Saturation: How many similar options are already available?
Pricing: How much are people willing to pay?
Competitive analysis helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue.
Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape: