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How to conduct market research?

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  • 09-02-2013 3:42pm
    #1
    Israel_Dagg
    Banned (with Prison Access) Posts: 454 ✭✭


    How do you know how big the market is or how much share you can get? Or how many businesses are currently in the market?


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    #2
    jetsonx
    Registered Users Posts: 1,327 ✭✭✭jetsonx


    Israel_Dagg wrote: »
    How do you know how big the market is or how much share you can get? Or how many businesses are currently in the market?


    These are pretty pointless measures. So many entrepreneurs
    say "the market for wam-bam-super-widgets is 3 billion euro in the EU...and all i need is to get .05% of that market and I will be rich"

    It rarely works out like this.

    But back to your main question. There will usually be a trade association for
    wam-bam-super-widgets what will have some statistics on their website or will be able point you in the right direction.


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    #3
    Israel_Dagg
    Banned (with Prison Access) Posts: 454 ✭✭Israel_Dagg


    True. Then how can you predict how many sales you will get?


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    #4
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Israel_Dagg wrote: »
    True. Then how can you predict how many sales you will get?

    once you know the products/services, the suppliers already in place and the customer preferences , it then depends how good you are as a marketer and as a provider of desirable goods services that appeal to the market.if you do not know your market, you are most likely to fail
    Learn about and understand your target market before taking any risks.

    Cheers

    Peter


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