Thanks Jennifer, art8 and JOhn. Well, I also know that companies with larger wallets do tend to spend more on research, but at the end of the day its a risk assesment. These companies have stakeholders to reply to and any new venture has to go through a hefty risk assesment process before spending a penny. I understand what you are saying John but Coke or Dell or for that matter even Nike, can`t `just do it`.
A well done market research fills in the grey areas of a business plan.You know where you walking into. You actually yourself detailed basic research methods: market size,demo,location etc.
Also, art8, you believe that nbody can predict the market, you are right but only partially. Any business plan is inomplete without a sales and financial forecast based on past figures. A given market under a similar set of circumstances would not behave too abnormal to predict.Remember, thats why a business plan also have to do PEST: political, economical,social and technological factors affecting that given market. Everything that can affect how the market behaves has to be taken into account. I dn`t think gut feeling a psychlogy can help one gauge that.
What you say Jennifer?