Question:

Why is it important to analyze the marketplace when creating a new business?

by Michael  |  9 years ago

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Culinary Arts

 Tags: Analyze, business, Creating, marketplace

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  1. ZZ

     It is important because there are different market structure at different places and also is dependent upon the nature of the business. Before starting any new business in any applied field one must know this that studying new place where you are going to start business help you in many ways. 

    You can easily know about how many competitors are there in market who are always going to be in competition with you. You need to know what are the techniques used by them and what are the advantages and disadvantages of competitors business or product. 
    You need to study market to analyse the on going trends in the market and also need to understand the market need. 
    Customer satisfaction is also a key element and you always need to keep this in mind that customers are the key element because if your products is going to be a bettor one then automatically people are going to promote it for us. 
    So there are many things which should always be kept in mind before starting any sort of business. 

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