Question

Give detailed answers to the following questions:

1. Describe the market research—type and purpose—that you conducted, or will conduct, prior to your business start-up. Why is such research necessary and why is it necessary to continue, through the business operation, to conduct appropriate research?
2. Explain how and why business plans need to be regularly reviewed. How do you, or how do you think you will, conduct reviews in your organisation? Describe the processes and steps involved.
3. How can such reviews be utilised to take advantage of new business opportunities?
4. Through what procedures is it possible to identify new markets?
5. In what ways might plans and goals need to be adjusted as a result of market research?

(1,000–2,000 words)

Answer 1

ANSWER:-

Market research is an essential first step when starting a new business. Without proper and thorough market research, the chances of your business are failing to become substantially higher than a business started with proper market research.

Market research before starting a business needs to focus on some core issues such as:

• the type of company - whether it t is a sole proprietorship business where you get all the profits after the taxes and are also liable for the losses or a limited liability company or limited partnerships with limited risk and liabilities.
• The target audience - It is absolutely necessary to know as much as you can about your target audience. Their age, tastes, use of social media platforms and other lifestyle choices which would impact the marketing and promotional strategies of your business.
• the competition - Know as much about your competition as you can. Their success stories as well the mistakes they made in their business can n be a good guide for what to do and what not to do in your line of business.
• Social Media Platforms- Know where your target audience hangs out the most. Whether they are a part of Twitter or Facebook groups, it will help you in targeting your ads on the right platform and to the right people.
• choose company name - The company name, brand, tagline, and its logo is the identity of your company. choose them wisely and with thorough research. Also, make sure that the word you choose for your company doesn't have any unfavorable meanings in other languages or cultures.
• Develop your presence - Start marking your presence around your targeted audience. With the help of online and offline advertising, they can learn more about your upcoming company and the products.
• Devising a plan - After all this research, the main step is to devise a plan to be presented to the investors of our business ideas and strategies. Also, you need to lay out the plans for any bank loans and licensing and legal documents.

After starting the business, it is essential to review the business plans accordingly and make changes if there any deviations from the original plan. also, keep a tab on the consumer data provided by the sales department. It will help in determining which products are the most successful and which are not?

After gauging, the success or failure of the products, try to find out why they have succeeded or failed? the reasons will help in the growth of the company and will also help in entering new markets.

The review can be in the form of performance evaluation of the business in the market and customers reactions to the products, prices and any other services.

Periodically checking the progress and performance of the business will help in determining:

• The protection of the growth rate in the next 3 or 5 years.
• The new market you are likely to succeed in
• Compared to the performance of the competitors, you can gain valuable knowledge about your strengths and weakness.
• Knowledge about the skills, assets, and resources required to grow your company further.
• The readiness of the business in regard to the external factors.

Entering new markets is never an easy task but with proper research and planning, the business can identify potential markets where the company can earn great revenues. IT might be because of the demographics of the region or the taste/ preference of its people but knowing about the market you are trying to enter beforehand will help in a successful launch and start fo your business in the market. some ways in which new markets can be identified are:

• consumer segmentation
• Purchase analysis
• sales analysis
• competiton analysis (both direct and indirect)
• analysis of other industries
• Analysis of complementary products and services