.Do a research on the potential business venture and opportunities in your community based on the result of your SWOT analysis and PESTLE.
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Every company in a business has certain frameworks that they follow in order to understand the market they are catering to. They usually keep on checking the nerve of the market where they want to focus their products upon. Certain companies carry out field work in form of market research through which they conduct surveys or employ other techniques by which to gauge the market needs and trends.
Then there are other analysis methods that allow for a more holistic approach towards determining trends and then setting strategies. From a strategic management’s perspective, there are certain tools that permit the knowledge of the market and the surrounding environment in depth, but the most famous ones are PEST and SWOT analysis.