One of the elementary objectives of market research is to update the viability of a business concept, and before investing much, such as resources into product development, entrepreneurs have to make sure that there is a market need before offering. The market has to do with testing assumptions and value propositions with those of potential customers, and this process helps entrepreneurs filter their ideas and identify the main challenge while they try to meet customer needs.
Effective market validation goes beyond what the entrepreneurs and customers can think of, which has to do with observations, getting feedback, and relying on insights. Entrepreneurs can solicit feedback from early engagers and iterate on service based on real-time usage and feedback; hence, this iterative approach also builds credibility and trust with customers.
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