Understanding your potential customers and competition are important to making business decisions like pricing, expenses and promotions. These activities are designed to support students’ knowledge in market research and determining their competitive advantages.
By completing this activity, students will receive practice in doing their own Primary Research effectively. Therefore, this is a great exercise to complete before attempting to do the Market Analysis on their business plans. As part of their participation in the Wholesale Buying/Selling Experience, students are required to do Market Research before doing the Buying Activity.