What are Key Questions to Ask During Market Research?
When conducting market research, entrepreneurs should seek answers to the following questions:
1. Who are the Customers?: Identify the demographics, preferences, and behaviors of potential customers. 2. What are the Needs and Pain Points?: Understand the problems and needs that customers are trying to solve. 3. Who are the Competitors?: Identify key competitors and analyze their strengths, weaknesses, and market position. 4. What are the Market Trends?: Stay updated on industry trends, technological advancements, and regulatory changes. 5. What is the Market Size and Growth Potential?: Assess the overall size of the market and its potential for growth.