The SMRI Project

THE COMPLETE MARKET RESEARCH STUDY

1. Design and implement the market research study
1. Set clear and definite objectives
2. Consider the best method for gathering facts as completely as possible
3. Make sure your results are as unbiased as possible
2. Use both primary and secondary sources of information in your market research
1. Primary sources are research gathered firsthand: surveys, focus groups
2. Secondary sources are research gathered by others and cited in published documents
3. Make sure your results are as unbiased as possible
3. Form a hypothesis and test it
4. Develop a questionnaire
5. Find out about the competitive market
1. The market: growth and trends
2. Competition: size, market share, standing and reputation
3. Your customers: demographics, location, buying patterns
6. Do something with the results
1. Market research is a waste of time and money if it is not used to make a better plan, service - product - in the future

To see how this is applied to your needs, see SMRI Services

Research as a tool

Market research can aid in the successful operation of every phase of managing a business. To begin with, research helps to define the mission of an organization. Market research helps to determine new and existing markets, the best venues for advertising and marketing campaigns and the potential cost effectiveness of new venture creations.

Additionally, a vital ingredient in an organization's decision making process is knowledge and information about each step of the plan. Market research can show what the marketplace indicates about the possibilities of the new business venture, as well as what are the business alternatives.

Competition in the private management sector has grown exponentially over the past decade, and market research will offer a competitive edge to a company bidding on any project.

Management Expertise:
Service delivery assessment provides the means to rate the quality of services in the eyes of the customers. Market research helps to determine areas that require improvements and consistently measure management's progress.
By providing accountability of the management's service delivery, market research lends additional credibility to the management team, which regularly regulates and evaluates its own performance.

Ability To Reduce Costs:
Market research has shown business how to maximize operating efficiency levels through focus groups and personnel studies. Employee satisfaction studies conducted at facilities help to assure happy employees -- which further translates to satisfied customers.

Capacity to Leverage Facility Network and Franchise Relationships:
Corporate sponsor studies of advertising effectiveness can provide detailed information on the benefits of using multiple venues in local advertising. Baseline data is an effective tool for all facilities to substantiate corporate commitment to events and projects.

New/Improved Revenue Stream Opportunities: Corporate sponsor reports are excellent tools for negotiating and renegotiating sponsor contracts. Market research can document recall of specific sponsors in addition to providing general guides for best recognition of advertising. This information has proven extremely profitable in stadium sponsor negotiations with new/existing corporations.

Advertising/Marketing Consulting:
Market research, working in conjunction with an advertising/marketing agency, can reduce the risk of a failed marketing campaign by analyzing the market niches -- how, when, where and why do consumers respond to advertising information? Who is most likely to attend the event, and what is the best way to reach them?