Browse the store and look at prices look at several

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Unformatted text preview: -ups, and can be valuable resources. Check with your other resource providers about state agencies. You can also look in your telephone directory for government agencies under the State category. Summary We are in a brave new world of too much information, not too little. It will be hard for you to sort through all the information you’ll find on your business or your industry, hard to summarize, hard to decide what is most important. As you do, keep in mind that the business plan is supposed to guide decisions. It is not a school report or even a graduate thesis. If it doesn’t have a business purpose — which might be describing the industry for a bank or investor, or for your own team, for example, but certainly not just to prove you can — then you shouldn’t include it. CHAPTER 10: KNOW YOUR MARKET What’s the first thing, the most essential element, you need in business? No, not a plan: you need customers. Market Research In Chapter 3: Initial Assessment, you took a good first look at whether or not your business has (or will have) enough customers to keep it healthy. For the next step, you need to go further into a market analysis. It doesn’t have to be academic, necessarily, and it doesn’t have to be a huge project that stalls your planning process. What you want, ultimately, is to know your customers. Some of the best market research is simple, practical, and even obvious. You don’t get it from reference sections in libraries, or even from the Internet. You get it from real people, particularly customers or potential customers. Here are some practical examples. Simple and Practical Market Research Look at existing, similar businesses. This is a very good first step. If you are planning a retail shoe store, for example, spend some time looking at existing retail shoe stores. Park across the street and count the customers that go into the store. Note how long they stay inside, and how many come out with boxes that look like purchased shoes. You can probably even count how many pairs of shoes each...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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