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Market Research
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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.
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 PRIMARY DATA |
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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, 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.
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| SECONDARY DATA |
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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
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| RECOMMENDED
LITERATURE |
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Marketing Management - This
worldwide best-selling book highlights trends and developments in
global marketing-with an emphasis on the importance of teamwork between
marketing and all the other functions of the business. It introduces
new perspectives in successful strategic market planning, and presents
additional company examples of creative, market-focused, and
customer-driven action. Coverage includes a focus on customer
relationship management, partner relationship management, the Internet
and its effects and uses, brand building and brand asset management,
alternative go-to-market channels, and marketing around the globe.
How to Really Start Your Own Business
- W.D.Bygrave, professor of entrepreneurship, Babson College "Gumpert's
how-to book is simply the best. No would-be entrepreneur should launch
a business before reading this book."
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