What is the volume of the market you are going to enter or the market you are already operating in? What is the target segment’s parity potential for a particular product or service? What characterizes the consumer’s behavior? How many times and how often do they purchase the product or use the service? Answering these questions is vital for proper planning of business activity and management.
As a consequence of the research you will have the opportunity to plan sales, to forecast precisely and to plan further actions.
Knowing the market potential you can take a look on the dynamics of the market, make changes in order to ensure the maximum profit and plan the next steps. This is essential information you should possess on business startup stage, for business expansion, or for the implementation of new product/service. All these determine the volume of the potential income, evaluate the risks therefore you can react quickly towards the challenges of a dynamically changing environment.
Duration of Research: 1.5 – 2 months