According to experts, Start-Ups fail because of a lack of connection to the market or the mere absence of market research. Other reasons that lead to the failure of Start-Ups are lack of capital, right team, having a poor marketing strategy, and problems with pricing.
If you underestimate market research, you are sure to witness failure. Such mistakes can be undone and reversed. It is better to have market research before drawing up a business plan. Research tells you in certain terms which products are suitable to the market needs and which are not. Quantitative market research makes market analysis possible. You have got to know the core group of purchasers, competitors, and the industry to know what value you can ascribe to your product. Ideally, market research should not be very complex or a costly affair. A proper business plan can be drawn up after proper market research. True market research underlines the tone of business and sets the guidelines that give you the direction. You have to hire market research agencies to do the job. The cost of hiring them is an important step towards making your marketing successful. Market research sets the tone for gathering facts and figures about a particular market. It studies the dynamics of the market and the rationale of the entire endeavour. You avoid producing something that is not needed by your target audience. There is a primary market research and there is secondary market research too. Secondary data is obtained through collecting information utilizing available documents, reports, and statistics. This data is secondary and the process of collecting secondary data is known as secondary market research. It is also known as desk research. Secondary data collection can be affected by gathering information from the company's records, government publications, competitor's websites, newspaper publications, articles in journals and magazines, etc. Other important data happens to be Primary data and when you gather primary data, the process is called Primary research. Primary research involves questionnaires and surveys. Primary research is not as easy as secondary research. Whether you are a startup or launching a new product or growing a new venture, market research will catapult you to the next league of things to be done. The following steps are imperative:
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