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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
The vast majority of techniques fit into one of six categories: (1) secondary research, (2) surveys, (3) focus groups, (4) interviews, (5) observation, or (6) experiments/field trials. The most basic classification of market research is primary and secondary research.
There are two main types of marketing research: Quantitative and qualitative. Quantitative research usually includes phone, mail, Internet or in-person interviews. Qualitative research is conducted among smaller groups of people.
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.
Prepare a mission statement. List and describe target or niche markets. Describe your services. Spell out marketing and promotional strategies. Identify and understand the competition. Establish marketing goals that are quantifiable.
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