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Mohd Azad , Business Analyst II , S&P Global Market Intelligence
It can help answer some fundamental questions like
If there is a market for the particular product or service.
how much demand is out there.
who are their potential customers.
what are they prepared to pay.
how often are they prepared to pay it and are you going to be able to make money from what people are prepared to pay for your product or service?these are a small sample of questions that can be asked generically it is important to ask the right questions and know how to handle the answers correctly as well, because do any one part wrong and you could end up going in a differently direction altogether. Also,it is especially helpful in case the small business faces competition from other larger firms, as they are more forcing the smaller firms out of business. To conclude a quote: "learn more from talking to your customers in a day then by observing the competition for a year "
