Write a paper that addresses the following:
You have been tasked with developing a market research plan for your company’s new line of lip balms for men and women. Determine what type of market research (primary or secondary) you’ll need to collect and the tool(s) you’ll use to perform your data collection. Include a section on any challenges you might face and how you’ll handle them.
Market Research Plan Student’s Name University Affiliation Market Research Plan Market research refers to the process of gathering information about the market. The market involves many factors such as the competition, consumers and goods and services. It provides a chance for potential entrepreneurs to identify the market size, customers’ wants, the feasibility of the product or service, helps the entrepreneurs to promote their products and to establish and embrace competitive strategies. Lip balms are applied on the lips to moisturize them and maintain their softness. The plan used to collect market information determines whether the informat