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Article Title: Marketing Research Before Putting Up A Small
Business
Author: Mario Churchill
Word Count: 583
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Whether you are starting or planning to put up a small
business, it is important that you have the latest market
information. It will provide you significant data that are
helpful in solving marketing problems. If ever your business
encountered such difficulties, you can easily take immediate
action about it.
A thorough market research will serve as your business
foundation for achieving success. In fact, there are two
strategies that are effective when doing market surveys. One is
the market segmentation which helps you identify specific
segments in the market. Another is the product differentiation
which helps you create the identity of your own products and
services which make it unique from other competitors.
There are different methods that you can use for doing market
research. It includes experimental, historical, survey, or
observational method. Regardless of the methods used, you will
still be gathering two types of important data.
The first is the "primary" data which you can obtain alone or
let someone gather it for you. There are two types of gathered
information here.
1.Exploratory research will help you in defining specific
problems. It usually involves detailed and unstructured
interviews wherein lengthy answers are provided by a limited
number of respondents.
2.Specific research has a broader scope yet expensive. However,
this helps in solving the problem that was identified through
exploratory research. The interviews are formal and structured.
When doing primary research, there are three basic avenues you
can apply.
-Using direct mails. The tactics include brief and direct
questions, direct addressee of the respondents, limited pages
of questionnaires, attached professional cover letter
explaining the survey, and enclosed reminder to respond. The
drawback can be lower mail responses from the respondents.
-Phone surveys. This is more cost-effective compared to direct
mails in terms of response rates. Phone interviews also allow a
wider geographical range. It is also relatively inexpensive by
using the cheaper rates at specified hours. The tactics include
direct respondents confirmation upon contacts, constant flow of
conversation, follow-up calls, and direct relay of information.
-Personal interviews. It can either be a group survey or a
depth interview. Group survey is mostly used by big businesses
as a brainstorming tool to obtain information on new products
and product modifications. Depth interviews are done with a
ready made checklist.
The "secondary" data are those that are already organized and
compiled for your own good. Examples include studies and
reports done by trade associations, government agencies, and
other business industries. You can take advantage of this
useful information. This is categorized into three different
areas.
-Public sources such as public libraries, business departments,
and governmental departments. This is the most cost-effective
way of finding information. It can be sometimes provided as
free with lots of better information to offer.
-Commercial sources such as trade and research associations,
financial institutions, corporations being traded publicly, and
banks. This can be costly since association fees and
subscription fees are involved. However, it will cost less if
you hired a team to research and collect the information for
you.
-Educational sources. This source of information is sometimes
overlooked. However, more research is conducted in polytechnic
institutes, colleges, and universities compared to a business
sector in the community.
The steps to success always start on the basics. Just choose
the best market research technique that will meet your business
needs.
About The Author: Mario Churchill is a freelance author and has
written over 200 articles on various subjects. For more
information checkout http://www.ideacent
http://my-updates.
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