Do we need to understand the market before we start a business? If yes, what are the helpfuil tips for doing the same?
Yes, a market survey can be done to understand the market well like demography, culture, economy, buying behavior, influencing factors, pricing and competitor activity etc.
Understanding the market, and determining YOUR target market are some of the integral FIRST steps when starting a business. If you jump right in with no knowledge of your target, and not even knowing who your target is, you are asking for a world of failure. Do some research, and then some more research, until you have a firm grasp on who you are going to sell to.