Venturing into a new business is not easy as putting up as a sari-sari in your respective residence. It needs a thorough investigation of its essential factors in order to survive in the business world.
Each and every individual is unique in its way. All of us have our own choice of preference, likes and dislikes and own perspective. We also have different level of financial stability to afford something that we want. That is why we have to do market research first, before entering the business world.
We should not only focus on our business itself. Studying the market means that we should also pay attention to the other industry that could be affected and will affect us once we business world. We should also study our competitors to be able to know if what techniques we are going to do in order to meet consumer’s demand and be able to compete on our chosen field. It focuses in discovering what is new in the whole business world up to the single detail on our own business.
It also provides us information on what is the latest in the market trends, how are the customers adopting those trends, and if your product can be one of the consumer’s preference. It gives you a brief summary of the entire business industry up to the single detail of our chosen field.
This chapter gives a detailed and brief insights on the market of organic drink here in the Province of Bataan. It would show and study how they survive and enter the business world, if there is an existing product already and how it can go with flow of market trends.
It will also provide an overview of the existing forecasts, how the income is generated and who are your greatest competitors to be. The target market will also be described in this chapter, covering all its aspects like its graphical location and other factors that could be affected by the proposed product. This will also show if your proposed product could be accepted by the market and if it will survive in your chosen field.