It is always a good idea to investigate a new product or creative idea’s practicality in the real world before investing a lot of time or money in it, regardless of how confident you are in it. Do you have a lot of unanswered questions? If yes, it is quite natural. This is where market research comes into play. Feasibility analysis is the process of confirming that a strategy, plan or design is possible and makes sense. It is a preliminary study…
To stop your business from attaining a saturation point, it is important to make sure you have a strong market expansion strategy to move your business forward. A market expansion strategy is all about knowing the needs of your consumers, segments, and unmet customers to device a targeting plan. Any company may decide to expand, either looking for new market niches in existing countries or seeking new markets for market segments already identified and addressed. Even if the expansion strategy…
Driving Business Success in Singapore: Why Market Research Matters – 5 Key Insights Market research is crucial for a business of any industry. According to Dan Zarrella “marketing without data is like driving with your eyes closed.” Comprehensive market research can provide insights on the market conditions and can give actionable insights on industries and markets. Here are 5 reasons why market research should matter for your business success. Understanding Your Target Market Market research gauges the pulse of the…
Singapore in recent times has been well placed on the bucket list of millions of international visitors’dairies. With super-fast transport systems, diversity in culinary tourism attracted more visitors in the past few years. Sky-high retail centers, nature parks, and national reserves providing outdoor and adventure activities are major engaging factors tourist attractions. Singapore was known to be a good place for the short-stay destination, however, now the country working keenly to break that jinx and have long-stay visitors and it…
No two businesses are the same, a successful strategy planned for a business may not work out for another business. This is because every business is unique and needs a focused market analysis to arrive at a suitable plan. The research service has to be customized based on the individual needs of a business, for which, you can consult market research survey companies in Singapore. Big business houses will have dedicated teams to carry out market research which conducts focused…
Overview on Feasibility Study & Its Importance Feasibility Study Feasibility studies are important because they can assist in the formation of business plans and cross-functional assignments. Market Feasibility Study determines the depth and condition of a particular market and its ability to support a particular development. The main objective of a market feasibility study is to understand the market to determine if enough demand exists to make the venture successful. A feasibility study is conducted in order to examine if the…
Importance of Drafting a Business Plan A business plan is critical for any new business venture, but is often neglected as the Entrepreneurs do not completely understand the depth of the benefits that they provide. Some of the major advantages that a business plan could provide are listed below Clear Objectives The business plan can be used to specify and manage measurable objectives such as sales, website visitors, new product launches, consumer reviews etc. This can be used to define…
Importance of Conducting Market Research in Singapore Market research is a critical step that involves collection and analysis of data about the target market, product/service demand, competition and the environment in which the business is setup. These information that are gathered through the research provide valuable insights which are critical for taking strategic business decisions. A report published by Forbes suggested that approximately around 90% of the startups fail within a year from of starting their operation. On doing a…
