market research and initial feasibility Flashcards
1
Q
Market research
A
A process of systematically collecting, recording and analysing information concerning a specific market
2
Q
Why should market research be undertaken
A
Market research should be undertaken because it will assist to identify and evaluate the industry in which an individual will be operating. It will also indicate whether there are sufficient customers or clients willing and able to pay for goods and services being offered.
3
Q
Feasibility study
A
is an assessment of the practicality and potential for success of a proposed business idea
4
Q
Why feasibility study
A
Feasibility study shows whether its worthwile to proceed with further development of the business concept. The feasibility study may also identify reasons not to proceed
