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A Complete Guide to Market Research

All companies exist in a specific type of market. The market contains current or potential customers, competitors, and other market players. It is a complex environment that you must research continuously. Because of that here I would like to give you the complete guide to market research you will need to conduct.

Marketing has become one of the most crucial parts of running a company. From developing promotional campaigns and content to identifying new products and services, it is one of the primary reasons businesses continue to grow. Market research is one of the most essential marketing tools, and it’s also one of the least understood.

If you want to know your target audience’s needs, wants, likes, dislikes, wants to purchase or not, you need market research. It can help you identify new market niches, get customer feedback, identify customer needs and trends, determine the best pricing strategy, and understand competitive forces within the market.

You need to understand why customers are buying specific products and services from you or your competitors. There are many different reasons and some of them buy for one reason, another for another reason, and so on. You will learn more about them if you use market research.

This article will help you understand the benefits, process, and various information sources you can use for market research. But, before we dive into the nitty-gritty details of conducting market research, let’s define the terms, so you know what you’re getting yourself into.

information sources

27 Information Sources for Your Business Decisions

Your decisions will be based on the information that you handle in the decision-making process. How you can decide if you don’t have the right information, in the right form on the right place? You need information sources reliable to make a right decision for your small business.

Information is one of the most important resources for your company. If in the past, we talk only about human, financial and material resources, today we cannot exclude information as a resource. Information is something that creates knowledge in your business, and knowledge increases your business potential energy.

Let’s talk about possible information sources that you can use in your decision-making process.

10 Information Sources For Initial Market Analysis

A successful entrepreneur will always be able to choose the right products and/or services his company will offer to the customers on the market on which also exists competition. Probably someone before you have started a similar company and offered some type of products or services for the same persons on the market that you are targeting. So, before anything else, you will need to do an initial market analysis.

If there is still no competition, it is obvious that you cannot expect that it will be the same situation for a long time. The right products and services that you will need to choose to sell to your customers will become available to you only after you make the initial market analysis.

assessment of business information sources

Assessment of Business Information Sources: Oldness or Relevance?

Today, you can not imagine a business or an entrepreneur without information. Information is the basis for making quality decisions. However, it is not about any information. It is about quality. If they are essential to an entrepreneur, the business information sources will also be important.

When we talk about information, I completed a survey about business intelligence many years ago in 30 small and medium-sized enterprises. The results of this research were published in several international scientific journals. Business intelligence is a creator of knowledge for businesses and entrepreneurs. But, the basis of business intelligence is information.

On the other hand, I worked for three years in Customs Intelligence Department, where the information was more sensitive. However, there I learned many things because I was trying to simplify and automate collecting and processing the information.

One important thing you as an entrepreneur must remember is that information is one of the most valuable resources of your business.