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Give detailed answers to the following questions: Describe the market research—type and purpose—that you conducted, or will...

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Accounting

Give detailed answers to the following questions:

  1. Describe the market research—type and purpose—that youconducted, or will conduct, prior to your business start-up. Why issuch research necessary and why is it necessary to continue,through the business operation, to conduct appropriateresearch?
  2. Explain how and why business plans need to be regularlyreviewed. How do you, or how do you think you will, conduct reviewsin your organisation? Describe the processes and stepsinvolved.
  3. How can such reviews be utilised to take advantage of newbusiness opportunities?
  4. Through what procedures is it possible to identify newmarkets?
  5. In what ways might plans and goals need to be adjusted as aresult of market research?

(1,000–2,000 words)

Answer & Explanation Solved by verified expert
4.1 Ratings (484 Votes)
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    See Answer
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