To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:
- Reduce business risks
- Spot current and upcoming problems in your industry
- Identify sales opportunities
WHAT TO DO: Visit this data site:
https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/establishing-business/b-1
and outline how you can apply any aspect of the methods, processes, terms, or analyses in this course to analyse any aspect of the data provided.
There is no right/wrong answer, just show how you can apply some aspect of business statistics to the data.
Attach a separate file of no more than 3 pages (750 words, if you chose to type it in the space provided). This should include any diagrams or formulas you may use.