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Research and Development Functions (R&D)

Highlight any research and development activities that you are involved in or plan to include in the future. What results do you expect from future R&D activities? Be sure to analyze not only the “R&D” capabilities of your own business but also the “R&D” capabilities of everyone else in your industry. Analyze your market To run a successful business, you need to know your buyers, competitors and industry. Market research is a method that helps you analyze which products or services are in demand in the market and how products or services can be made competitive. Market research can also help you with valuable insights. To reduce business risk. To identify ongoing and upcoming issues in your industry. To identify sales opportunities. How to conduct market research Understand market research basics through the following steps before starting your business. Identifying Official Sources of Markets and Industry The government provides a database of business, industry, and economic conditions that may help market research. These sources provide you with important information about buyers and competitors: financial indicators. Job statistics. Income and earnings. Finding Additional Sources of Analysis: Business groups, business magazines, educational institutions and other third parties collect, analyze and research information about business dynamics. Use the Internet and databases to search for information about your location and industry. Understand the international market: Today’s economy is a global market. So it is essential to understand the international situation that will affect your business. Analyze your market To run a successful business, you need to know your buyers, competitors and industry. Market research is a method that helps you analyze which products or services are in demand in the market and how products or services can be made competitive. Market research can also help you with valuable insights.

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