Often times, an entrepreneur is seeking assistance in determining the market feasibility of establishing a business within a specific location. The business may be a restaurant, an assisted living facility, a health and fitness center, a storage facility, a retail store, etc. Knowing the demographics of the population, a summary of businesses in the specified trade area and the spending habits of consumers residing in the area can be useful to making a sound business decision before you invest large sums of capital in your new business venture.
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Bill Gates once said, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose”. Successful individuals and organizations often feel that they are entitled to continual success in the future. As a result, they risk becoming complacent, comfortable, and mediocre. Instead, they should continue searching for fresh approaches to improve products and services, and focus on staying lean and agile.
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A market survey is a comprehensive (360 degree) look at the marketplace by anonymously surveying a representative sample of purchasers (current or prospective) of your products or services in the desired market area. It is broader than a customer survey in that it assesses not only the perceptions of your company but also that of your competitors. Since it is done anonymously by a 3rd party research firm, the results are based on candid and objective feedback with the elimination of bias. Market surveys provide the following insights and can be useful as input into the strategic planning process undertaken by most businesses.
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