What You Need to Know
Accessing opportunity and the market also means understanding the following:
A. Who your customers are – so you know better what their needs and problems are so you can better solve them
B. Who your competitors might be – so you can figure out your competitive advantage, why your product is different and better than theirs and start to understand what price you may get for your product or service
C. The overall industry for your product or service – you want to know the industry, to be aware of the current trends, trends for the future, and what is happening to it at all levels of business. The more informed you are, the better off your business will be.
You will gain this understanding through both primary and secondary research.