(EMAILWIRE.COM, March 19, 2008 ) Suwanee, GA -- Market research is the collection and analysis of information regarding consumers (potential customers), competitors (same business type), and the effectiveness of marketing programs (i.e. direct mail marketing, newsletters, signage, etcetera). It’s an act of action before leaping into a business, and an educated move that determines the feasibility of a new business.

Through market research small businesses and corporations alike test interest in new services and products, improve customer service and develop competitive strategies. Both startup businesses and established businesses need to define, evaluate, and plan a course to pursue their market. The end result of market research is a business that is more responsive to customers` needs and increase profits.

As their business develops, market research needs to be an ongoing part of their business. Anyone who is familiar with writing a business plan knows how unpredictable the market can be. Three Essential Areas of Market research are as follows:

1. Consumer
• Information from and about their customers
• Feedback on the likes and dislikes of their customers
• What services or products did the consumers like best

2. Competition
• Help you determine what works and what hasn’t worked
• Give you ideas for improving
• Provide insight into how to increase their market

3. Environment
• Economic
• Social
• Political forces

All of this information shapes the way people do business. Keeping it close on hand allows them to stay abreast of and respond to particular trends or events that influence their small business.

Secondary Research Sources are easily obtainable. This is information that’s been collected by someone else just lying around for them to benefit from such as journals, newspapers, surveys, telephone books and government publications

This form of secondary research information is accessible at the library or by researching the Internet. It’s the primary source you’re really after. Obtaining firsthand information from their customer or competition is current; thereby, making it the most valuable means of market research.



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