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Market Research Efx

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Market research for the small business.

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Market Research Efx

  1. 1. Presenter: Stan Robinson
  2. 2.  The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your businesss target market, the industry as a whole, and the particular competitors you face Entrepreneur - http://www.entrepreneur.com/encyclopedia/ter m/82436.html
  3. 3.  The business that best understands its customers positions itself to meet their needs better than anyone else. You need to understand and enter the conversation going on inside your customers head. Market research also helps with:• Reducing risk.• New product launches.• Understanding why customers are buying or not.• Developing more effective marketing communications.• Understanding your competitors and how to compete more effectively.
  4. 4.  Is there a market for your offering? What is the growth potential? How many competitors will you be facing? Are there market gaps you can fill?
  5. 5.  Is there an opportunity to extend my product line? How do I position myself more effectively against my competitors? Is there an opportunity to create a market where there are no direct competitors?
  6. 6. Primary Research Direct contact with the target customers - surveys, focus groups, interviews. Allows for in depth questioning and detailed responses. Limited sample size Expensive
  7. 7. Secondary Research Research through other sources - internet, books, libraries. Less expensive than primary research. Provides greater breadth of information. Researcher cant interact directly with market. A combination of primary and secondary research is ideal.
  8. 8.  Focus on your market first, then your product. In most cases you will not create a market for your product. You will provide a solution for an existing need or problem. Market segmentation allows for a better allocation of a firms finite resources. A firm only possesses a certain amount of resources. Accordingly, it must make choices (and incur the related costs) in servicing specific groups of consumers.
  9. 9. For additional information please contact: The Efficiency Xperts, LLC 119 E. Kings Hwy. Maple Shade, NJ 08052 Office: 858-722-8258 www.theefficiencyxperts.com Bruce Davis, Managing Director

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