I think doing a market research before you start your business is a necessary thing to do. If we want to know that whether the business you are interested would bring your bright future and good returns or not, then done a market research for the specific business surely would let you know the answer.
My boss always does a detail research when she needs to promote a new product to the marketplace. She always told us that whatever she needs a clear direction, so that she would not get lost in the medium of promoting the products. I think this is a very good habit, we should make thing clear before start to involve into it.
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