Introduction
Assignments 4–6 are intended to help you to bring your customers, competitors and the marketplace more sharply into focus, and to identify areas you have yet to research. The research should be done before the business is started or a new strategy is pursued, so saving the time and cost incurred if expensive mistakes are made. Obviously, the amount of research undertaken has to be related to the sums at risk. If a venture calls for a start-up investment of £/$/€1,000, spending £/$/€5,000 on market research would be a bad investment. However, new and small businesses that do not want to join the catastrophically high first-year failure statistics would be prudent to carry out some elementary market research, whatever level their ...
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