Market research on a budget

Market research on a budget

Although market research is an essential element for ensuring the success of an enterprise, many small local businesses do not have the resources to engage a professional marketing firm. However, all is not lost because it is possible to conduct your own market research on a limited budget. Understanding the need for market research Not many small businesses can afford the thousands of €’s required to have a professional company conduct a market research campaign for them. Nevertheless, this does not mean these businesses have to forgo the enormous benefits that accurate and effective market research can provide for the business. Success in any business is founded upon the accuracy and depth of the knowledge and information that is available to the management and collecting and analyzing such information is the key to market research. In plain, market research is simply the art of gathering relevant data and information and being able to analyse it in a manner that will provide benefit to the business in terms of understanding the following: – A) The ideal market place for the sale of the product or service B) The target segment of consumers likely to purchase the product or service C) The extent and competitiveness of existing businesses within the market where you intend to sell your product or service. D) Other external issues that might have a positive or adverse effect upon the business and its products. Whilst this may sound as if it requires a great deal of effort and cost, in fact all of these areas can be addressed by the business itself on a very low budget....

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