Poor Market Research: You have a brilliant idea, but without a proper market-research backing, your launch and growth strategy might be adversely impacted. Before investing, do a little market research: find out the size of your target market, existing competition, and viability of your product/service in current market conditions.
Lack of proper Business Plan: Writing a proper business plan will help you with the following:
Focus the mission and vision of your business.
Highlight the customer problem your business is solving.
Define the target customer and market opportunity.
Outline how the business will run.
What the budget should be and realistically project how much money the business will potentially make.
Don’t rush into new markets without a clear focus and a good business plan based on solid market research and competitive analysis.
Poor Marketing Strategy
Once you have defined your target market, you need to devise an effective marketing strategy. Print advertisements, TV a
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Paulskie1001
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Answers & Comments
Answer:
Poor Market Research: You have a brilliant idea, but without a proper market-research backing, your launch and growth strategy might be adversely impacted. Before investing, do a little market research: find out the size of your target market, existing competition, and viability of your product/service in current market conditions.
Lack of proper Business Plan: Writing a proper business plan will help you with the following:
Focus the mission and vision of your business.
Highlight the customer problem your business is solving.
Define the target customer and market opportunity.
Outline how the business will run.
What the budget should be and realistically project how much money the business will potentially make.
Don’t rush into new markets without a clear focus and a good business plan based on solid market research and competitive analysis.
Poor Marketing Strategy
Once you have defined your target market, you need to devise an effective marketing strategy. Print advertisements, TV a