Enterprise and Entrepreneurial Management Essay - 16

Enterprise and Entrepreneurial Management - Essay Example writing business magazine,it involves social and opinion research that is systematic in gathering and interpreting information about individuals and other organizations through the use of statistics and analytical methods in order to gain insight and support decision making. It determines a research plan should outline the objectives of the research and give information on the potential of an idea. Creating a list of questions and creating a plan for answering these questions will prove beneficial at the end of the research. Researching apotential market is essential when setting up a business, the knowledge acquired is invaluable to the future of the business because it helps assess the viability of the venture. When conducting a market research certain points should be considered like the target market and competition. A market research must establish the target market of business; this involves knowing their preferences and style. The target market is affected by their income and lifestyle and this influences their buying decisions. The research will also indicate the quantity the buy by the consumers, this will help the sole trader stock on the fast moving goods that are bough in bulk rather than invest in slow-moving goods that could lead to losses. When researching the target audience, the information acquired will influence the location of the business, it should be located in an accessible and strategic place whether for persons driving and otherwise. A sole trader needs to establish reasons on why the target audience should buy from them and not the competition. The business idea should be wanted or needed by the target market. The main idea behind market research is to gain perspective and get informed to enable make the best decision. Research is also important in understanding the competition, a sole trader may consult the competition products that are successful and find out the reasons for this and the same from the businesses that have failed in