Approach Towards Marketing Research

The main function of market research report is to provide critical information about the consumer and the competition. Market research can be useful if it's navigated cautiously and assessed carefully. However, if these reports are not accurately interpreted, it could lead to false impressions about the report and send the user in wrong direction. Here are some initial approaches to market research for those who are planning to establish their market research firm: Decide on your budget and time frame: The Company should calculate approximately the amount of money it is wiling to spend and also the time it can afford to devote to the market research. Form an initial list of questions: The list of questions should be broadly categorized into three categories: 1) Urgent 2) Important 3) Others. To decide whether the question falls in the category of 'urgent or important', the maker of the report should ask himself if he needs to know that information at that point of time? Will it help in reducing the risk when the business is initially started? Will it benefit in decision making at an early stage of the business? Do the financers of the project require this information before they actually finance the project? If the information does not fall in the 'urgent category', then check if it falls in the 'important category'. The 'important' category consists of questions that are eventually required to run a business. After the questions are placed in these categories, put the remaining questions in the 'other' category as it includes questions that the company might like to know but these questions do not influence decision-making. This kind of a division of questions will help the company focus on its market research efforts. Decide upon the staging of the market research. Staging consists of outlining various stages of work including research that occurs before the commencement of the business, research within the first 6-12 months of operation, and research that will be continuing over the years as your business operates. RNCOS E-Services Pvt. Ltd. offers complete e-publishing solutions for your business. We provide personalized world-class content development and management solutions that are qualitative and result-oriented.

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