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Market research is essential to understanding the environment in which your business will operate. Here are more details on the key aspects of market research you mentioned:
1. Identification of the Market Niche:
• Market Segmentation: Divides the market into smaller groups based on specific characteristics, such as demographics, purchasing behavior, or needs.
• Identification of the Target Audience: Clearly define who your product or service is aimed at, focusing on the characteristics and needs of your audience.
• Unique Value Proposition: Identify what makes your offering unique and how it can meet the specific needs of your niche.

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