Tag: market research

Market Study: Improving the Chances of Startup Success

In a recent article, I mentioned that one of the top reasons for startup failure is creating a product or service that nobody needs.  A lot of problems and significant costs could have been avoided if startups had conducted a market study prior to launching their business. A market study is a research and analysis…

How a Small Business Should Define Its Target Market

I welcome all small business owners (and would-be entrepreneurs) to my new series of posts under the category SMALL BUSINESS BOARD.  I am publishing here interesting business tips, contents, materials, and links you may find useful in planning, managing, and expanding your business.   What is a target market? A target market is a specific…

Small Business: How Important is Market Research?

You had what you believed then as a “winner” product or business idea.  You were capable and willing to invest money, time, and effort to launch your small business. Fully convinced of what you had then,  you started your business. After six months, sales were still low and actually not growing. You eventually realized based…