Business & Market research

Business research

 

A business research is a trivial, but a crucial part of a business. A research, in general, aims at

answering or addressing to a certain question. A business research follows the same format. The

need for a research will only be felt if the business is able to identify the issue it is facing, for

which a decision statement is set up. There are different steps to come to a decision statement

and then to devise a business research. SparklesSoft follows every step painstakingly in carrying

out the business research.

Business research helps create a guide with which a business must progress. This includes

gathering relevant information about the key elements of the type of business. Moreover, the

research might as well identify the scope of success of the product according to the market

situation. It identifies the target market, the potential competitors, and the analysis of any

strategy in frequent use. It really depends on the underlying question the research aims at

answering. However, it’s not wrong to set up a business research even prior to the business plan.

This validates the strength and accuracy of the business plan, also making it look more

impressive. Since a business plan is one of the basic pillars in setting up a business, the

importance of a business research is undeniable.

MARKET RESEARCH

 

Market Research as the name suggests, is a thorough research of the market in which the product

has to be launched. This research also takes in account, an analysis of the product in question.

Once the analysis is complete, the entrepreneur understands the potential ventures the idea might

have to face, and the unique factor that will get the product the edge it needs, to thrive in a

competitive environment. Furthermore, it reiterates the public/customer demand which in turn

helps improve the idea and mould it in a way to satisfy both, the customer’s needs and the

business’s expectations from the proposed idea. In order to fight a battle and subsequently be

triumphant in it, one must know how well armed the opponent is, which is what defines the

importance of a market research.

Market Research involves the collection of two types of data. Primary information is all the data

you might acquire from personal questionnaires and surveys. It helps a business get a clear

picture of the market through interviews which are later summarized to address the research’s

underlying question. On the other hand, Secondary Information is helpful for analysis but is not

so painstaking, especially if you know where to look. Successfully gathering information from

both sections, results in a thorough market research that may help the business plan effectively

and efficiently.