TECHNIQUES FOR MARKET RESEARCH FOR AN EFFICIENT LAUNCHING OF BUSINESS

Risk Analysis: Risk Analysis is a method of identifying, accessing and controlling the risk factor affecting the business or could possibly affect in future. This method provides prevention from possible negative effects on the company.

Competitor Analysis: Assessment of strength and weakness of competitors helps in providing more effective business. Competitor analysis provides detailed report on the current competitor’s business graph. Competitor Analysis is an important component for an effective corporate strategy. Definition of the industry is provided and analyzed. Competitors: Competitors knowledge and business strategies help one build an effective business model.

Analysis of Customer & Consumers: The terms Knowing customers and consumers are quite different. Customer is the person purchasing the good / product while consumer is the one who actually is consuming the product .They are considered as the primary factor for any business launch. Analysis on use of products by customers should be considered and implemented accordingly into the business launch.

Company Analysis: Gathering information about the company’s product analysis acts as an important method for business launch. Knowing what the company’s products are, product features, selling pattern and sale graph helps one with detailed product launching operation.

PREDICTION OF FUTURE MARKETS

A good market research analyst can provide data on various consumption level rates of products and range of sale. Market Research formulates the grip on 100 % sale of goods in the market. Market Research helps in producing new techniques with better quality that can not only provide growth in sale during elasticity in demand but also fix the market strength for the particular goods.

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