Question

One of the important methods for generating ideas is to carry out a 'Market Research'.

Answer 1

• Identifies customer needs:
  Helps understand what customers want, their preferences, and unmet needs, leading to innovative product or service ideas.

• Analyzes market trends:
  Tracks industry trends, emerging technologies, and changes in consumer behavior to inspire relevant and timely business ideas.

• Evaluates competitor gaps:
  Studies competitors to identify gaps or areas where the business can provide better solutions or unique offerings.

• Validates business concepts:
  Ensures that the ideas generated align with market demands, reducing the risk of failure.