The Tale of Two Coffee Shops

This summer in a nearby town a coffee shop opened. Everyone was excited because it was something the town had wanted for a long time. Then it happened. A second coffee shop opened up just a few stores down from the other. There was not enough need for two coffee shops in such a small town. Not only did the second coffee shop hurt the sales of the other, they also hurt themselves because they did not take the time to find out if the need for a coffee shop had already been met. If they had investigated they would have found a larger town nearby did not have a coffee shop.  Market research is essential.