Business Feasibility Analysis and Plan Writing Resource Guide: Marketing Research

Gathering and analysis of information on:

• The market for a particular product or service.
• Potential customers/consumers of the product or service.
• Competitors.
• The industry associated with the product or service.

“Market research is a critical tool in helping companies understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.”  (From https://www.investopedia.com/terms/m/market-research.asp)

From what is learned through marketing research, entrepreneurs can assess the likelihood of financial success with the new product or service.