First, conduct market research to understand the situation in the target market and industry. Investigate the presence of competitors, the products and services offered, the balance of supply and demand in the market, and its size, and analyze the needs and tendencies of target customers, as well as market trends and growth forecasts. Specifically, this is generally carried out by combining data collection, analysis of market trends, customer interviews, questionnaire surveys, etc.
At the same time, we also conduct a feasibility study. is feasible and new zealand whatsapp can generate long-term profits. We consider profitability, competitiveness, risk factors, and technical and operational feasibility. It is also important to build a business model, forecast revenue, raise funds, and delve deeper into targets, including building relationships with customers.
By conducting thorough market research and business feasibility studies in this way, you can grasp the balance between supply and demand in the market and discover points of differentiation from your competitors. By understanding the needs and trends of your target customers and providing customer-oriented products and services, you can increase customer satisfaction and improve your competitiveness.
We also recommend using market research frameworks such as positioning maps, 3C analysis, 4P analysis, and SWOT analysis when conducting research. This will allow you to understand customer needs and market trends, and develop a more objective and strategic plan while taking into account the competitive situation and your own company's resources.
Businessman analyzing economic growth graph
4. Clarify the purpose and vision of the new business
Defining a company's purpose, mission, vision, and values is important for clearly understanding and recognizing the company's reason for existence and its role in society.