1 If you started business what are the items that you would

1. If you started business, what are the items that you would want to research?

You can use an example business as an example or a business you are interested in. State the items in terms of specific questions you would want to have answered.

Solution

There are a number of things you should research before launching a new business. This can be explained with the help of a new business idea on which I was working on.

While working on launching a new product- energy drink, the questions or the specific things required were:

1) What is your target market / Who are your customers?

2) Who are your competitors?

3) What is the current demand for energy drink?

4) What product prototype you should follow?

5) Location analysis for manufacturing plant and equipments?

6) Least expensive research alternatives and minimizing inventory cost

7) What are the distribution channels you can focus on?

8) What is the target market currently consuming?

9) What are the prices of your competitors?

10) Do you have financial capacity ?

11) What is the current marketdemand for the product?

12) Choose your type of business and business structure- ownership or partnership

13) Proposed budget and timing of launching the product

All these questions and things will help you to easily penetrate in the market