Why is it important to carry out marketing research?

you need to know what product / service to sell.





you need to know the lowest, highest and the average cost of a similar product / service on the market.





you need to know what your potential customers like / dislike about your product / service.





you need to know what your potential customers will pay for your product / service.





you need to know what the real costs are to produce the product / service. is the cost 20% materials and 80% labor,


or 80% materials and 20% labor.





you need to know if you are making your product from raw materials or are you assembling a product from common items bought off the shelf.





what level of skills are required for you workers.


do you have to find a location with a population that has the required skills.





there are thousands of research questions that must be answered before you start a business.


people who do not answer these questions tend to go out of business with a few years of starting up.





every question you did not bother to know will cost you thousands to hundreds of thousands of dollars in unnecessary expenses, in the long run. which may put you out of business.

Why is it important to carry out marketing research?
The most important things to determine from market research is your competition, whether the market is saturated, will the market support your business.


A quick route to failure is just jumping into a business without a complete business plan (marketing research is a major factor in the business plan).