Question

Identify three sources of data for your market research about your business idea and the industry. How do you know there is a sufficient demand for your product or service? Respond to at least two of your classmates’ postings and suggest other sources for their market research. Owning a daycare

Answer 1

For market research of any business idea or new product, the best of all source is the customer himself. Market research would help us know the utility of our idea for the customer, their preference in this matter, their response to the innovation, the ways in which our product can provide alternate uses, the competitor's strategies, etc. All this can be obtained by: 1. Surveys, 2. Secondary sources, 3. Expert views.

1. the surveys are very important as they directly involve the views of the end prospective customer, the target market, about our idea.

2. Secondary sources are good for competitor analysis. As the market also includes role of competition working on the same concept. It also helps to analyze their strategies, and weaknesses.

3. Experts of the market can give great insights of the whereabouts of the market. They can help us with data regarding the relevance of our idea amongst our target market and how can we improve upon it.

Such data will help us in knowing the demand of our product. A product with more preference from customers, where customers expect greater innovations and which the customers willingly agree to purchase is the one with gret demand and would have good response in future if rightly executed.