According to the Small Business Encyclopedia, Market Research is: The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face .
Before I started school at the Art Institute of Las Vegas I just wanted to have my own business. I was not sure exactly what kind of business but I knew it had to be related to fashion. Well, I am happy I decided to attend school before I venture into the small business owner world, because I learned a lot about what it takes to run a business. Market research is a big component of any successful business.
"Market research is important for every business, and should not be just a one-off activity. Successful business conduct research on a continual basis to keep up with market trends and to maintain a competitive edge..market research is vital to understanding your target market and increasing sales"(smallbusiness.aw.gov)
Since my goal after graduation is to become a business owner, I expect to learn more about market research and to take all these knowledge and integrate it into my business.
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