THE COMPLETE MARKET RESEARCH STUDY

The key ingredients to an effective market research study are:

  1. Design and implement the market research study
    Set clear and definite objectives
    Consider the best method for gathering facts as completely as possible
    Make sure your results are as unbiased as possible

  2. Use both primary and secondary sources of information in your market research
    Primary sources are research gathered firsthand: surveys, focus groups
    Secondary sources are research gathered by others and cited in published documents

  3. Form a hypothesis and test it

  4. Develop a questionnaire

  5. Find out about the competitive market
    The market: growth and trends
    Competition: size, market share, standing and reputation
    Your customers: demographics, location, buying patterns

  6. Do something with the results
    Market research is a waste of time and money if it is not used to make a better plan, service - product - in the future.


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