“There are no great limits to growth because there are no limits of human intelligence, imagination, and wonder.” — Ronald Reagan “Innovation is the key” for any business to conceive, grow and sustain. Business strategies for growth are categorised in terms of Identifying Market needs, Product conception & Development, Market development, Market Expansion, New channels & Diversification. Identifying Market needs “Bird’s eye view” Strategy is of understanding the product or service needs and deriving appropriate solutions that satisfies the need.…
Importance of Feasibility study for Business Growth
“People who count their chickens before they are hatched act very wisely because chickens run about so absurdly that it’s impossible to count them accurately.”― Oscar Wilde Business success is primarily determined in terms of ROI, which is the amount of profit that will be generated from the venture. Perception of the same is an imperative call that enhances the Initiation of business proposal. Feasibility study followed by appropriate Business planning are the right tools in place that gives a perfect…
Feasibility Studies and Business Planning: Laying the Foundation for Success
Although feasibility studies and business planning may seem to be a singular task, they are in fact distinct. Feasibility study comes ahead of a venture and can form the foundation for a business plan. While a business plan focuses on sustainability and growth, a feasibility study deals with the viability of the business idea. Therefore, the feasibility study determines whether a business idea is viable and the business plan is created after an opportunity has been identified. What is a feasibility study?…
The Importance of Market Research for Business Expansion
Market Research is a potential tool to sustain, succeed and expand any business of its kind. “The goal is to transform data into information, and information into insight.” – Carly Fiorina Gaining insights on the target market will guide through the process of making a road map to Market entry. Research needs for a startup and business expansions. To set foot on a new Market we need to make informed decisions about product development, pricing, and marketing strategies. The elements…
Cracking the Code Leveraging Singapore Market Research to Understand Consumer Behavior
The vibrant market of Singapore is renowned for its brisk change in consumer behavior trends. Market research companies in Singapore constantly evaluate these changes to provide focused guidance to their clients. To service this continuously evolving need of the consumer, businesses should understand this type of consumer behavior and effectively cater to the needs of the consumers. Therefore, marketers should understand what consumers buy, where and when they buy, and the frequency of their purchases. To gain a comprehensive understanding of target…
Exploring the MICE Industry: Market Size, Share, and Trends
The MICE (Meetings, Incentives, Conferences, and Events) industry is a vibrant and dynamic sector that plays a significant role in driving global tourism and business growth. This article provides a comprehensive overview of the MICE industry, including its key components, market size, and current trends shaping the market. Understanding the MICE Industry: Key Components and Market Analysis The MICE industry comprises Meetings, Incentives, Conferences, and Events, each playing a significant role in driving the sector. Meetings enable communication and collaboration…
Comprehensive Industry – Specific Market Research Reports
Comprehensive Industry-Specific Market Research Reports: A Strategic Guide for Businesses Discover the power of industry-specific market research reports in driving business success. This comprehensive guide explores the key benefits, examples, and case studies of market research reports in various marketing industries, including education, healthcare, service industries, manufacturing, hospitality and tourism, and retail and brands. Gain valuable insights and gain a competitive edge in your industry on how to leverage market research reports to make informed decisions and stay ahead in…
THE IMPORTANCE OF MARKET RESEARCH FOR SMALL BUSINESSES IN SINGAPORE
Table of Contents Introduction to Market Research For Small Business MARKET RESEARCH FOR SMALL BUSINESSES IN SINGAPORE Helps To Identify Customer Needs And Preferences Provides insights into the competition Helps to make informed decisions Helps to identify new opportunities Required Steps for Conducting Effective Market Research Define the Research Objectives Identify the Target Market Choose the Research Methodology Collect Data Analyze the Data Draw Conclusions and Make Recommendations INTRODUCTION Singapore is the world’s 4th biggest financial centre and one of…
Mastering Market Research
Table of Contents Introduction to Market Research Types of Market Research Steps to Conduct Market Research Market Research Template Market Research Examples Introduction to Market Research What Is Market Research And Why Is It Important? Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company’s value effectively. Market Research…
