Page 23 - Drinks Industry - 14 Jan 2016
P. 23


a) Know Your Market

The importance of thoroughly researching the
market and the end user of your product cannot
be overstated. The main advantage for start-
ups in conducting both primary and secondary
market research is that you will gain a thorough
understanding of both the feasibility of the project
and your target market.

In examining your business case, it will be important
to start with comprehensive secondary research.
This term refers to research from ‘secondary’ sources,
existing reports and market analyses carried out
by others. Secondary market research will give a
background into your market, the existence and
success of similar products as well as your target
market’s current purchasing habits.

Primary market research refers to studies carried out
in market directly by you or your representatives
and it is essential in identifying speciic needs to
be fulilled. Primary research activities include
interviewing, probing & observing your potential
consumers & customers.

All of these research activities are vital for the
shaping of your business plan in this early
Pre-trading Stage.

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