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Determine the purpose of your study. There are many reasons why businesses might conduct market research. Look at your industry's outlook. Pinpoint target customers. Compare your competition. Gather additional data. Analyze your findings. Put your analysis into action.
Look for market reports about your industry and its surrounded fields. Seek out market segmentations. Be an expert about your audience! Follow your industry trends! Benchmark! Map your competitive landscape. Make sure to choose your information from a reliable sources (be careful, not any blog is credible).
Suggested clip Writing the Industry Analysis Section of Your Business Plan — YouTubeYouTubeStart of suggested clipEnd of suggested clip Writing the Industry Analysis Section of Your Business Plan — YouTube
Four common research techniques include surveys, interviews, focus groups, and customer observation.
Market research involves gathering information about your: industry and market environment — to understand factors external to your business. Customers - to develop a customer profile. Competitors - to develop a competitor profile.
Determining the scope of the report. Collect and categorize the information. Target audience to be determined. Analyze the research information. Establishing the solution and findings. Arriving at recommendations. Determine the report format.
A market research report is a document prepared by an analyst. A research report may focus on a specific stock, a currency, commodity or even on a geographic region or country. Leading market research companies offer custom market research services to their clients to help them better meet their specific requirements.
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