Market Research for Boating Supply Business
What did Jake discover during his market research for a retail boating supply business?
A) He should open a retail boating supply business
B) The market research is inconclusive
C) There's a significant opportunity for a new business
D) He should give up on the idea
Answer:
The market research conducted by Jake indicates there is no direct competition in the local market for a retail boating supply business. However, the absence of large bodies of water nearby poses a challenge to the business idea.
In conducting his market research, Jake found that there wasn't another retail boating supply business within 100 miles and no large bodies of water, like rivers, nearby. This observation suggests a lack of direct competition in the local market, but it also raises concerns about the potential demand for boating supplies in the area.
Therefore, while the market research points to a possible opportunity due to the lack of competition (option C), further research is needed to understand the feasibility of the business idea given the absence of nearby large bodies of water.
Key Takeaways:
- Lack of direct competition in the local market
- Absence of large bodies of water nearby
- Need for additional research to assess demand and feasibility