Market Analysis And Research Paper

Market Analysis And Research Paper-41
Access is an important consideration in determining the limits of your market area.

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They are convinced their product or service is perfect just the way it is, and they don't want to risk tampering with it.

Not only that, you need to ascertain what--if any--fine-tuning is needed. Many business owners neglect this crucial step in product development for the sole reason that they don't want to hear any negative feedback.

Government Guidance Government agencies are an invaluable source of market research, most of it free.

Almost every county government publishes population density and distribution figures in widely available census tracts.

Maps Maps of trading areas in counties and states are available from chambers of commerce, trade development commissions, industrial development boards and local newspaper offices.

These maps show the major areas of commerce and can also help you judge the accessibility of various sites.And keep an eye out for more: New magazines and newsletters are launched every year.If you're not following all of them, you could be missing out on valuable information about new products and your competitors.So you have a great idea for a product--something that's bound to capture the hearts and minds (and wallets) of consumers everywhere. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods.Or perhaps you have stumbled on a service that isn't being offered by anyone else--one that is desperately needed. involves gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations and your local chamber of commerce. is information that comes directly from the source--that is, potential customers. "But the companies that do the best are the ones that do their homework."Market Research Methods In conducting your market research, you will gather two types of data: primary and secondary.Most trade associations provide information free of charge.Read your trade associations' publications, as well as those aimed at your target customers, to get an idea of current and future trends and buying patterns. Before you shift into high gear, you must determine whether there really is a market for your product or service.Secondary Research The vast majority of research you can find will be secondary research. Reference librarians at public and university libraries will be happy to point you in the right direction.

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