To gather the required information, you must put in the time. This is where the initial research begins. With the growth of the Internet, finding out answers to things such as environmental impact, demographic information for the area and competitors’ traffic is just a mouse click away. Many services will provide this information free or for a nominal charge. (ECD) Another way to gather information is by using individualized surveys. A specific survey can yield ideas a company may have overlooked, or even identify a consumer need that has not previously been met. (Kennedy) Once you have a target group, use the Internet to explore chat rooms, bulletin boards, and newsgroups to get an honest anonymous opinion of the idea with a focused survey. This yields invaluable information about the consumer to whom you are trying to sell your wares. (L. and J. McGrane)
Finally, you must research the financial aspect of this venture. Market trends, failure rates, salary and staffing, and startup capitol needed are just a few of the things a business owner must take into consideration. Many firms out there can help gather this information. A simple search on the Web will also produce valuable information. If the company can afford to outsource this work, the firm hired will also be able to filter and explain each component and how it affects the business.
Benefits of Market Research to RIMG
Regular photography is quickly merging with computers and the Internet. This allows for easier storage of prints and opens up a completely new avenue for consumer to have their pictures developed. According to a report by Datacomm Research Co., digital photography will overtake regular film within the next five years. Therefore, new technology must be in place to keep up with consumer demand. This is knowledge Retail Imaging needs in order to ensure their continued growth in the one-hour photo service world. RIMG has quickly adapted market research found on the Internet and through on site customer surveys. The account managers have been trained to keep up with this growing trend. We have positioned ourselves to be competitive and gain an edge. Using this research, we have maintained our current customer base while reaching new clients with our up-to-date digital services.
Conclusion
Information gathered from market research is vital to the growth of any business no matter what stage it is at currently. A company must weigh the cost of this analysis against the potential profit. Research also creates benchmarks to help you track the progress before you reach your next research interval. (OWBC) It is imperative that your business continues market research in order to maintain its competitive edge in the marketplace.
Works Cited
Helping You Make Your Business Work on the Internet. Ed. Len and Jennifer McGrane. 2003. NETgain. 15 Aug. 2003 <http://www.netgain.co.nz/library.topic_research.htm>.
"How to Do Market Research." Ecommerce Digest. 2003. ECD. 15 Aug. 2003 <http://www.ecommerce-digest.com/how-to-do-market-research.html>.
How to Do Market Research. Vol 2, Issue 10. Ed. Renee Kennedy. 2001. The Write Market. 17 Aug. 2003 <http://www.thewritemarket.com/archives/2-10.htm>.
"Market Research - What Is It, What Can It Do?" Online Women's Business Center. 2001. SBA. 17 Aug. 2003 <http://www.onlinewbc.gov/docs/market/mk_research_trad.html>.
Philip Kotler. Marketing Management. 10th ed. Upper Saddle River: Pearson Custom, 2003.
(ECD)(Kennedy)(Kotler)(L. and J. McGrane)(OWBC)