Reference no: EM132947967

Question - The ability to come up with business idea can be transformed into a viable business where ideas supported by feasibility and a business plan can be sold to interested investors firms, and interested parties for a lump sum or a management contractor, are as agreed business ideas, if introduce at the right time, when demand for search service are a product introduced by the ideas is expected to surge, can lead to a very profitable business. Business ideas are always available through different sources; however, it's the application applied on this ideas, and timing makes all the different in failure or successes. After discussing some good business ideas, Babu and Hari have decided that their best option is to open a small cafe. They believe that their background and experience in the hospitality industry will help them to succeed. Hari is keen to start up the business straight away and has already found what he things is a good location. How where, Babu is not sure and won to spend more time researching the market before they commit to anything. Babu can see the benefit in being fully prepared before infesting time and money in to starting the business.

(i) Explain why you think Babu and Hari should conduct market research before starting their business. What could they find out by researching their Market? (500words)

(ii) Describe some methods that Babu and Hari could use to learn more about the potential customers, competitors and business locations. (500words)