Market research and initial feasibilty studies

Question 1

what is market research

Answer 1

a process of systematically collecting, recording and analysing information concerning a specific market

Question 2

market conditions

Answer 2

the features of a market into when a new good/service is to be introduced, including factors such as the nuber of potential customers, level of cimpetetion and potetial for growth

Question 3

steps of market research

Answer 3

1. identify what info is needed to make a decsion about the potential of the business 2. gathering the relevent information for appropriate source 3. analysing and interpresting the relevent results to exract sone clear information that will assist in descion making

Question 4

feasability study

Answer 4

an assesment of the business’ ideas potential for sucess, involves determining how practical the idea is and if it would successfully translate to the market

Question 5

a feasibility study might include…

Answer 5

an assessment of the market, considerations of the operations (resources,location), analysis of commercial feasibilty (financial aspects0, apprasial of optential owners managment abilty and understanding if others have tried this idea