Good morning Six Red! It’s Wednesday…. halfway through the week!! Doesn’t time go fast when your having fun! Hope everyone is safe and well.
So to continue with our entrepreneur week, yesterday Mrs Hurt set you the challenge to research the company McVities. One of the UK’s leading suppliers of biscuits and cakes. Establishing a successful business like McVities takes a lot of hard-work over a long period of time. Before a business decides on their final “product”, market research is conducted to see if there is a gap in the market for that product.
Can you explain what market research is?
Why is it vital for a business to conduct market research before launching their product or service?