Social Icons

Thursday, 28 November 2013

The Essentials of Market Research Orlando Companies Should know

Market research is a great determinant of the success of any business. Research helps the business to understand its environment and to know the measures that can be put in place to improve service delivery. Research also helps in the understanding of competition and how well this can be dealt with. There are a number of things on market research Orlando business operators may find helpful even as they seek to grow their ventures.

Market research may be done by a pre-existing business or one that is yet to be started. For those yet to be established the most important information is that which relates to the variety of goods and services in the marketing, their pricing, their demand and their supply. It is important to establish the factors that influence both demand and supply. This process may take a variable amount of time depending on the type of business.

One of the most important uses of research is in market segmentation. This is the process of dividing the pool of customers into smaller groups based on similarities that are shared among them. The criteria used vary and may include age, geographical location, gender or product preferences. The advantage of carrying out this process is that it makes it easier for the business to meet specific consumer needs.

Business trends can also be determined through research. Trends indicate the general direction that various aspects of the business are taking as observed among the participants in the industry. For example, there may be a shift in the demand of a certain product over time or consumers may be continuously asking for specific modifications. Suppliers may also change the manner in which they are interacting with the business. All these things are important for a business to know so as to make the necessary adjustments.

The best way to go about the process is to use the SWOT analysis. This is an abbreviation that denotes strengths, weaknesses, opportunities and threats. It is a systematic method that ensures that all the important aspects of the business are addressed. The SWOT analysis is particularly important during the creation stage of a business but experts advise that it should be continuously used in the life of a company.

The actual process is a study that has a number of stages. The first stage is known as problem identification and involves the justification for the study. Objectives to govern the process are formulated and these are to be used as a guide for everything else. Once this has been completed successfully, the person to conduct the study is identified.

The choosing of methodologies is the next stage. The type of method to be used mainly depends on the nature of study that is being carried out. In some cases, several methods may be used in combination. Methods that can be used include questionnaires, face-to-face interviews, telephone interviews and surveys among others. Once the data have been collected they are analysed and the results presented as a report.

If they intend to do market research Orlando businesspersons should ensure that have some background training in the process. This will help avoid confusion and frustrations. It is wise to consult with an experienced colleague or a consultant. While the costs involved may appear quite high the long term benefits are tremendous.

No comments:

Post a Comment

Blogger Templates