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Basic Business Research

Market Research

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

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:

  • Market share
  • Strengths and weaknesses
  • Your window of opportunity to enter the market
  • The importance of your target market to your competitors
  • Any barriers that may hinder you as you enter the market
  • Indirect or secondary competitors who may impact your success