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One needs to know his/her target market adequate enough, identify a gap in their needs spectrum, and come with a product/service that will close that gap efficiently and effectively.
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For one to come up with a product/service that can close that gap effectively, it calls market research.
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Market research requires one to carry out a survey in the target market and identify the products and services already available, and identify their lapse in the satisfaction of the customers.
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The most important thing in business is to know your customer .