Market Research
NFSC 431: Foodservice Equipment and Production
Skill Area: Market Research
Assignment title: Marketing Research for Weight Management Private Practice
What I learned: Before beginning any type of business, it is prudent to conduct research to see if there is a need not only for that particular business, but if the market can handle duplicate businesses.
Reflection to assignment: Economically speaking, one wants to place a business where there is high demand yet in a location where that specific service may be underrepresented. Conducting accurate market research will pay off with a successful business.
Relevance to the profession: When starting a business, it is important to conduct market research to see if there’s a market for the services one wishes to offer. It is also prudent for one to be aware of other competitors within that specific target market so that one can price their services accordingly in order to compete within that market.
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