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Sunday, August 30, 2015

Study Your Business Viability – Part 1

Quality, professional market research helps you to ask the right questions for your business. Good market research reports will use a mixture of primary and secondary research to provide accurate information and conclusions.

Primary research is information gathered through surveys, interviews and other direct contact with industry experts and participants. For example by contacting industry leaders and discussing their opinions.

Secondary research is information gathered from company reports, trade association documents and industry journals, and published market research reports.

It is a good plan to carry out both Primary and Secondary research. Then you should check out competition and assess your potential consumer base. This should give you a fair idea of the viability of your business.
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