The Importance Of market Research
Written on the 16 January 2012 by Alex Pirouz - RIDC Advisory Centre
The importance of market research is often overlooked and underestimated by entrepreneurs when starting a business. Some think just because they are starting their first venture often fairly small to begin with, taking action and getting started is far greater than doing market research.
To gather an overall scope on your industry it is advised to study your potential customers, the competition and the environment.
Market research will not only save you months of headache but will help structure your business plan. Going into business without researching a particular target market is like going through a maze blindfolded.
Alex Pirouz is the founder of RIDC Advisory Pty Ltd. A Business and Sales Advisory firm partnering with Australia's largest and fastest growing companies to further increase their revenue. For information on how Alex could help your organisation, click here.
Author:Alex Pirouz - RIDC Advisory Centre
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