Starting up a business
Describe the level of market knowledge a new entrepreneur would need for your chosen type of business to survive for at least one year in a selected market. I am planning on starting a personal tutoring business. Before I do start this business I would need to find about the market that it is in. to find out about this market I need to carry out a market research to research what customer wants, what their buying habits are. There are two main types of marketing research which are Primary and Secondary research.
Primary Research: this is concerned with obtaining information directly from customers by interviewing them. When primary research is being carried out it is necessary to describe the type and number of people the business is trying to attract as customers. For customer market the demand can be known by age, gender, income, lifestyle and marital status. Secondary Research: this is by collecting published information. A new entrepreneur needs to carry out market research to check and find out how many customers they well likely attract.
This gives them an idea of their likely demand and possible sales. A business needs to have a USP to be successful. USP stands
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I will also need to find out about the competitors, how many they are, who they are, I will find this out through secondary research. A new entrepreneur can find out about the market it is entering by these two researches which I have explained above. It is important for them to know about the market it is entering otherwise the business will not survive; everything in a business needs to be taken into consideration.