Why is ignoring doing extensive product, market, customer, and competition research before launching can destroy your business?

Extensive Research on competitors products, market, customer and competition are very importanmt and vital tools before launching. It gives you an insight of the market you will be dealing in and these researches helps in your positioning, branding, marketing , readjusting and fine tuning your process. 

Because, without product, market, customer and competition insights, what will your business really be about? Will it be about taking wild guess, taking a plunge or getting lost in a forest? All of these scenarios cannot make a business; they rather break it before its inception! And if it does succeed in today’s business life, rest assured that it’s pure luck!

Absolutely agree

Ignoring research on product, market, and customers is the easiest way to collapse your business especially in markets with aggressive competition. For example, if a business produces a product without knowing their customers segment, the business eventually will not know what to produce.