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B4 Suitability of market research methods GapFill
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There are a range of market research methods that would be helpful to an entrepreneur. All entrepreneurs should carry out market research starting their business. However, it's also important to realise that market research is a valuable business tool the life of the business. This is because customers' will change over time, and the business needs to to this, to ensure their products and services continue to sell.
Market research is expensive. An entrepreneur carrying out primary market research will find it is expensive than secondary research. This is because secondary research already . It may take the form of government data or statistics, or information in books and , as well as a range of online sources.
Skill, knowledge and understanding are needed to carry out effective market research, avoiding and making sure the responses are reliable. Important decisions are made by entrepreneurs based on market research, and inaccurate information can result in a large financial . The business might not survive this mistake.