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Conducting a market analysis also provides a realistic and honest assessment of the viability of your new idea. It also provides you with critical information and data necessary to successfully start and grow a business. The first step is to identify your product; you can do this by creating a customer profile of your target market. If your target audience is a consumer you should determine your customers age, gender and income level of your audience. If your target audience is businesses you should determine company size, industry, and number of employees. Conducting a market analysis and being in sync with your customers’ wants and needs is a lot of work but it is worth it in the long run...
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