S***
No
No
Not enough to make a custom perfume business financially viable.
Check out this recent blog post from MarketTools that touches on the subject: http://www.markettools.com/blog/does-online-market-research-work This may also answer your questions: http://www.marketest.co.uk/what-is-market-research Essentially market research buts viable facts and figures to your business plan and is essential for all businesses!
Not enough to make a custom perfume business financially viable.
A limitation in business research is that the business you are trying to research may not have any useable information available. Also, there may not be any viable information about certain aspects of a business.
Jim is not economically viable because he is homeless.
It wasn't "financially viable" for NCSoft.
The company's plan to expand internationally was not considered viable due to lack of market research. The scientist found a viable solution to the pollution problem by implementing new technology.
There are many viable business opportunities, but you should research what you are trying to do before spending money doing it. For example selling ice in Alaska in the middle of winter won't work, but if you have an idea that is something people need your business has a better chance of working.
Yes, creating a new product is a cross-functional business process as it typically involves collaboration among various departments such as marketing, research and development, finance, and supply chain management. Each of these functions contributes unique expertise and perspectives, ensuring that the product meets market needs, is financially viable, and can be produced efficiently. Effective communication and coordination among these teams are crucial for the successful development and launch of the product.
A Business plan is a 50-70 pages detailed document that details your business concept, the market, the organization and the finances with projections for the next five years. An Investor pitch or Investor presentation is of 10-15 slides; which are highlights extracted from the detailed Business Plan.This presentation is used in an investor pitch. A good presentation will explain briefly the concept, how it is unique, the market it will operate in. On the financial front it will depict how this concept is viable, on the amount expected from the Investor, the return on investment. This will get the Investor interested who may then ask the startup for more details. The more accurate and realistic the market data and numbers are, the more effective the presentation is.