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Article Title: Ensuring Success Through Market Research
Author: William Teleo
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Finding business ideas is easy enough. There are endless
possibilities that range from products to services which are in
need of improvement or modifications. Producing new, improved
products or services than those existing is an advantage over
the competition. However, prospective entrepreneurs often
forget an essential component of their future businesses. They
neglect checking if their ideas are feasible to attract a large
and sustainable market by conducting marketing research. As a
result, promising businesses often crash due to the
entrepreneurs' lack of business panache.
Marketing research for start-up companies and businesses are
usually done in two ways: primary research and secondary
research. Primary research entails the use of first-hand data
in determining the existence of a market. Conducting surveys,
focus groups, and interviews are popular methods of primary
research. This means that personal contact between prospective
consumers and the companies is necessary. Secondary research is
a means to recycle and reuse filed data as a reference for
improvements of the service or product.
Primary research is time-consuming but preferable for starting
companies who intend to produce a new product or provide a new
service. There are certain advantages in doing this type of
marketing research. First, the feasibility of the product idea
is tested. The appeal of the company's idea is tested on an
extensive or particular market. For example, a start-up
homemade ice cream business needs to test a homemade ice
cream's appeal to an extensive or particular market. The survey
is able to indicate preference for the product by different
market groups: health-conscious gym buffs for its low-fat
content, or homemakers for its freshness. This way, the company
is able to identify what market to target or what marketing
strategy to employ in order to attract the least responsive
market. Second, the questions and research materials are
modifiable to suit the companies' needs. To illustrate, if the
company needs to determine what flavors of homemade ice cream
to produce most, a taste testing and preference rating survey
is best. This way, the company is able to determine the flavor
that "sells" best and the one that ranks least. This method
protects the company's capital by helping the company decide
what flavors to produce or discontinue. Third, suggestions for
improvement, competition advantages, and other factors are also
available through primary research. Focus groups are usually
preferred for this kind of study where consumers voice out
opinions on the product's strengths and weaknesses.
Secondary research reuses filed data for other purposes. This
is comparable to doing a library research where researchers
sift through files and records to find the answers and
solutions. This is advisable for established companies who have
enough files in their data banks to supply subsequent marketing
research. Otherwise, these companies pay researching firms for
old surveys and data sheets for their research. This method
consumes less time and is more cost-efficient. Old surveys
about competitors are often used to improve the company's own
products and marketing strategy. They usually target the
competition'
particular aspect.
If these sound daunting for starting businesses, there is no
need to worry. The internet is a veritable tool for conducting
marketing research. There are sites that provide detailed
information how to conduct researches and even offer research
software. Books and business journals are also worth checking
out. Local business groups and organizations also offer
seminars, talks, and workshops for future entrepreneurs. Always
remember that there is no easy way to success, and that effort
is necessary to see something to fruition.
About The Author: For more valuable information on Marketing
Research, please visit http://www.claritas
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