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Before we conclude, we need to look at what our competitors are doing, how the industry is shaping up and what we're getting into by jumping into this market.
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moving parts, and we have a good idea of
how we want to start out.
0:00
But we aren't operating in a vacuum.
0:01
It's always important to take a look
around at the current state of things.
0:03
What the market is like, who's in it, and
what have they done?
0:07
When starting a business it is important
to understand the kind of
0:11
market that you are getting into.
0:14
Is this a well-established market?
0:16
Are there a large number of customers
already?
0:17
Is there an existing market, but with
gaps, where a product designed for
0:20
a certain segment's specific needs can
succeed?
0:24
Or is this a brand new market?
0:27
The type of market determines how much you
need to spend on marketing and
0:29
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