Kk8

Question 1

Market research

Answer 1

Gathering and analysing information concerning a specific market. Determines market conditions such as potential of customers and competition

Question 2

Market research process step 1

Answer 2

Identify information about the potential of the business

Question 3

Step 2 market research process

Answer 3

Gather relevant information from appropriate sources (surveys, interviews)

Question 4

Step 3 market research process

Answer 4

Analysis and interpret the relevant results that will assist in decision

Question 5

Feasibility of study

Answer 5

Assessment of the markets potential
How practical is the idea and will it be successful

Question 6

Feasibility study method assessment of market

Answer 6

Demand for product

Question 7

Feasibility study method consider operations

Answer 7

Resources/ equipment required

Question 8

Feasibility study analyse commercial feasibility

Answer 8

How long will it take for the first sale

Question 9

Feasibility study Determine whether others have tried it

Answer 9

Has it been thought of
Did it fail