Preliminary marketing research is crucial for a new venture’s success. It provides valuable insights into market trends, customer preferences, and the competitive landscape. This data-driven approach reduces business risks, aids in strategic decision-making, and shapes the product development process. By understanding the target market’s needs and expectations, businesses can tailor their offerings, positioning themselves effectively in the market. Thus, preliminary marketing research is not just a preparatory step but also a strategic tool that can significantly influence a new venture’s trajectory toward success.Watch The Value of Marketing Research for the Creation and Successful Implementation of Effective Strategies in the Field of Marketing that highlights the importance of preliminary marketing research.https://coloradotech.idm.oclc.org/login?url=https://www.proquest.com/scholarly-journals/value-marketing-research-creation-successful/docview/2899175651/se-2?accountid=144789Conduct preliminary market research for your venture, and write a paper of 5-7 pages that addresses the following questions:What is the scope (geographical range) of the market? Is it local, regional, national, international, or global?What is the market segmentation?What trends are occurring in the industry?What competition is in the marketplace, and what are they doing?
