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 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