Conducting a feasibility study
Making a feasibility study for a certain business is very important to see if it is worth it to go for such business. Conducting such studies will give an advantage since it will determine the viability of a certain idea. It will also lessen the possible expenses and time that will be consumed in doing such proposed business. We all know that most business industries uses feasibility studies since it give them a lot of benefits. It offers them an assurance if a certain business would provide them a profit or just a headache later on. I really suggest this kind of studies to assure the profitability and reliability of the proposed business in the future.
I'm on the fence about surveys as I do fill them out, but finding the right demographic that wants to fill out surveys or answer questions is much harder. Consider many people fill out information that they believe is correct or that they aspire to rather than what is real, and that's where market research gets stuck. People do fudge information in regards to what they would spend, how much they earn, and that's a given so how how can you be sure the information you get is accurate? You can't and I find feedback is the only way, and social media has helped there because people can interact immediately and expect a prompt reply.
I often read visitor posts on a company Facebook page to see what people really think, and not necessarily reviews (because they get planted too). One I looked at, I found the director of the company had reviewed the company and given himself a 5, and if you can't see the flaw in that, then I'm not sure what hope there is. Yes, he used his real name too!