Business

Business Tips & Info

Market Research

Business is a very complex operation, hard work and your product or service aren't enough. Market is very important area where the trading of goods or services takes place. In order to succeed and correctly identify your target market, your product or service, you need to do careful market research. This is an organized study of the facts important to your business. These facts can be gathered from primary or secondary data.

PRIMARY DATA

You could hire a market research firm to gather the primary data you need, or you could gather the information yourself. Primary data can be collected by observation, survey and experimentation.

OBSERVATION - People in the market place are observed, or watched, either directly or using hidden camera.

SURVEY - Survey is a list of questions that is prepared to find specific information. A survey can be conducted in person, online, by telephone or by mail.

EXPERIMENTATION - Experimentation involves testing the interest in a product or service by trying it out in a particular area. For example, a local flea market or craft show could help you determine the possible interest in a particular product. This type of research can be very costly because you have to develop your product or service before you can test it.


SECONDARY DATA

Information collected by other people for some other purpose is known as secondary data. Secondary data is available from various government agencies, professional and trade associations, universities, libraries, and other businesses. Keep in mind that effective marketing needs up-to date market research. Sometimes the material you collect from secondary data is useful, but you may need to invest in primary data to ensure you have the most current information in your field. It is very important to examine your product or service as it is to understand your target market. You need to learn all you can about your potential clientele and competition by acquiring as much accurate and specific information about them as possible. That, basically, is what market research is all about.

In order to properly identify the market for your business, you need to consider a number of issues and questions, but market research basically breaks into three categories:

Your Product or Service

Your Customers

Your Competition


Related Links:

Business Guide

Factors to Consider

Protecting Your Product or Service

Glossary of Business & Financial Terms

Ratio Analysis

Financing

Sources of Business Financing

Determine Cost

Web Design

Web Hosting

Defusing Difficult Relationships

Being a business owner can sometimes test you patience. Cranky employees and difficult customers can sometimes make you feel like you are a magnet for attracting frustrated people and problems. In order to survive and keep your sanity in going forward, address all factors that affect your business with a strategic and patient approach. Remember the first golden rule of conflict resolution: "LISTEN AND KEEP YOUR COOL." The second rule is: "BE PLEASANT AND KEEP AN OPEN MIND." The third rule is: "ACCEPT RESPONSIBILITY, SHOW EMPATHY AND OFFER APOLOGY IF YOU MADE MISTAKE OR CONTRIBUTED TO THE PROBLEM." How you respond can make the difference between solving the problem or losing.



Accept responsibility
rather than blaming someone else
Let difficult people know
you can see their perspective
Keep your cool
show empathy and apologize

Did You Know?

It doesn't take a fortune to sell your products and services on the Internet. It just takes some knowledge of what your customers want and how to find a way to present your sales solution to them.

For business people either selling products or promoting their services on the Internet, the importance of attractive, fast, usable sites can't be overstressed. Much like a counter person or storefront, the appearance and function of a business' website conveys an image of the company to the customer.

Your website is your image on the Internet. That image can either be good or bad, and bad images don't sell. Adhering to a few common sense web design rules can help with the public's perception of your company and increase your sales. Find out more...