THE COMPLETE MARKET RESEARCH STUDY

The key ingredients to an effective market research study are:

1. Design and implement the market research study
   

   	Set clear and definite objectives
   	Consider the best method for gathering facts as completely as possible
   	Make sure your results are as unbiased as possible

   
   
2. Use both primary and secondary sources of information in your market research
   

   	Primary sources are research gathered firsthand: surveys, focus groups
   	Secondary sources are research gathered by others and cited in published documents

   
   
3. Form a hypothesis and test it
   
   
4. Develop a questionnaire
   
   
5. Find out about the competitive market
   

   	The market: growth and trends
   	Competition: size, market share, standing and reputation
   	Your customers: demographics, location, buying patterns

   
   
6. Do something with the results
   

   Market research is a waste of time and money if it is not used to make a better plan, service - product - in the future.

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