Part $2$: Market ResearchNow that you have your basic plan, you will need to do some research in order to create a successful business plan and gain the interest of investors in your company's idea. You need to look at the market you plan to enter and the businesses that already operate. In other words you don't need to reinvent the wheel, you can copy what other successful businesses are doing.Requirements:$1.$ Write a report in three sections outlined below$2.$ Must be in APA format including a title page$3.$ Must include minimum one source, using in text citation$4.$ Must be in paragraph form with full sentences$5.$ Must not include questions or report instructions$6.$ Must include a table, graph or other figure that you created in each section of the report.Section $1$: Market Research:Are there a lot of established competitors?How many do you think there are?Give some examples of businesses you would be competing withWhat market structure does it exist in$.$ Explain why this structureMonopoly, Oligopoly, Monopolistic Competition or Pure Competition What are the barriers to entry?Is it relatively difficult or easy to enter this market, why or why notWhat prices do your competitors sell at$?$Give examples of the prices a competitor sells atAre you going to compete with price or do you plan to use non$-$price methodsSection $2$: Business Planning:$-$ Who is your target customer?Why are they your targetHow will you target them with advertisementsWhy will your target customer choose your product$/$service over other companiesWhat are competitors doing wrong $-$ You can do betterWhat are your competitors doing right $-$ You should be doing tooHow will you distribute the product or service?How does your competition do things?How will you get the resources you need to produceHow will vou assemble your product or serviceHow will you train your employeesHow will you get your good or service to the customer Section $3$: Costs and Inputs $[$Completed in Google Sheets$)$In a google sheet vou should account for all of the inputs and expected costs for your business. This should expand on what you did for Part $1.$ The harder you work now the easier Part $3$ will beGoogle Sheets Requirements:include all ofthe specific things you will need for your business$-$ Be sure to be specific about what you need$-$ Be sure to be specific about how much of it you need$-$ Should organize this into two sheets one for start up costs and another recurringShould further break this down into fixed and variable costs$-$ Should further break this down into Land, Capital and Labour $($include your labour$)$Report Requirements:$-$ Overall you should be thinking about how much your business costs per month in recurring costs and how much your capital assets $($start up costs$)$ are depreciating each month.Discuss your costs in relationship to your expected revenuesMark BreakdownSection $1$Section $2$Section $3$APA formatting$1288$pts$8$pts$8$pts$4$pt My busines is dora hookah lounge