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Market research is like putting on your detective hat and digging deep to uncover valuable insights about the people who might buy what you're selling, how big the market is for your product or service, who else is out there offering something similar, and how much people are willing to pay for it. It's basically like being a super sleuth for your business, gathering all the critical information you need to make smart decisions and stand out from the crowd.
By diving into market research, you get a crystal-clear picture of your target customers' wants and needs, figure out how you stack up against your competitors, and set the perfect price that attracts buyers without leaving money on the table. It's all about arming yourself with the knowledge to not just survive, but thrive in the business world by giving you the inside scoop on what makes your audience tick and how you can position yourself as the go-to choice in a sea of options.
The tools below could be useful during this stage of a business.