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Market Research

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2. Market Research Market research is the process of gathering, recording and analysing data that will help you make better decisions in your business at any time, whether it being starting up or improving your business. This data can be taken from the consumers, competing businesses or secondary sources. Market research is vital for every successful business, as it can help to start or expand a business, update existing products, raise your profits, set prices, select a location for your business, launch a new product successfully, analyse and learn more about the number of consumers, e.t.c. There are 2 main types of market research - Primary and Secondary. Primary research is, simply, new data that has been collected by your own business. There are many different ways of finding primary data, including: * Questionnaires * Telephone interviews * Surveys * Observing the consumers ...read more.


However, receiving primary data also means taking time and money to go out and collect your specific information - making it expensive and time-consuming. On the other hand, secondary research is neither expensive nor time consuming. The data already exists and has been collected, meaning no expense, except possibly a small fee to browse the information. Also, it is not as time consuming as primary research as sources such as the Internet and books are quick and easy to use. Deciding which one, or both, will be more useful to your business depends entirely on your company's specific needs. Market research is an essential part of any successful business. A business decision that is made with good market research and intelligence helps minimise the risk of making the wrong decision. ...read more.


somewhere that isn't busy, somewhere that has the wrong shops surrounding it, a rough area e.t.c.) less potential consumers may enter your shop meaning less profit and a bad choice. * Competitor analysis. I will take pictures of competing businesses and the products they sell, analysing what products/services they provide and their good and bad factors. I will do this to see if there is a gap in the market for my business, and to observe the quality of the competitors and their products. * Market analysis. This will include me creating a questionnaire specific to my business, helping me get to know my potential consumers better (e.g. their age range, sex, likes and dislikes about certain products I am considering selling, e.t.c) I will then collect my primary data together and arrange it into tally charts, graphs and pie charts, making it visually easier to see my results and what they show. ...read more.

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