Save Your New Business Idea With Market Article Review

Open, View, and/or
Download this Document

Total Length: 670 words ( 2 double-spaced pages)

Total Sources: 1

Page 1 of 2

Save Your New Business Idea with Market Research. Forbes Magazine. 3/28/2013.

This article is directed specifically at entrepreneurs and focuses on the importance of thorough market research during the planning and launch phases of a new business. The author refers to reliance on hunches alone as a prelude to business failure. To be successful, young companies must fully define and understand their customer base -- their opinions and preferences -- and fine tune offerings to meet and exceed customer expectations. As the article points out, market research fulfills this very important purpose, particularly when testing new offerings. It is presented as a continuous process of collecting and analyzing data to truly understand and fulfill the needs of the customer.

Businesses exist to help customers with real or perceived problems. However, the full scope of the problem in question may be misunderstood without solid market research (Rhey & Gryna, 2001). This can translate into missed competitive advantages and strategic positioning, a loss of repeat business, and most importantly a loss of sales.

Stuck Writing Your "Save Your New Business Idea With Market" Article Review?

View All Our Example Save Your New Business Idea With Market Article Review

Have A Custom Example Essay Written

The article points out that a lack of adequate, preliminary research can result in a failed return on investment. Some businesses may be doomed before they ever launch. The over-arching idea (presented in the form of four questions at the end of the article) is that it is good business practice to fully investigate the scope of the problem a product or service is seeking to solve, better define customer segmentation, explore other potential needs that could be addressed, and ensure that you are pitching your offerings to the proper target audience.

Overall, I found this piece to be straightforward and candid -- it offers sound advice regarding the true value of market research and offers insight about the benefits to be gained. I thought that one other area that could have been highlighted is that market research offers the data necessary to reach a target market at a price customers are willing to pay. As brought out in class discussion and….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Save Your New Business Idea With Market" (2013, September 24) Retrieved May 16, 2024, from
https://www.aceyourpaper.com/essays/save-new-business-idea-market-97319

Latest MLA Format (8th edition)

Copy Reference
"Save Your New Business Idea With Market" 24 September 2013. Web.16 May. 2024. <
https://www.aceyourpaper.com/essays/save-new-business-idea-market-97319>

Latest Chicago Format (16th edition)

Copy Reference
"Save Your New Business Idea With Market", 24 September 2013, Accessed.16 May. 2024,
https://www.aceyourpaper.com/essays/save-new-business-idea-market-97319
   

Open, View, and/or
Download this Document
order custom essay example