Business & Market Research BUSINESS RESEARCH A business research is a trivial, but a crucial part of a business. A research, in general, aims atanswering or addressing to a certain question. A business research follows the same format. Theneed for a research will only be felt if the business is able to identify the issue it is facing, forwhich a decision statement is set up. There are different steps to come to a decision statementand then to devise a business research. SparklesSoft follows every step painstakingly in carryingout the business research.Business research helps create a guide with which a business must progress. This includesgathering relevant information about the key elements of the type of business. Moreover, theresearch might as well identify the scope of success of the product according to the marketsituation. It identifies the target market, the potential competitors, and the analysis of anystrategy in frequent use. It really depends on the underlying question the research aims atanswering. 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 moreimpressive. Since a business plan is one of the basic pillars in setting up a business, theimportance of a business research is undeniable.MARKET RESEARCH Market Research as the name suggests, is a thorough research of the market in which the producthas 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 mighthave to face, and the unique factor that will get the product the edge it needs, to thrive in acompetitive environment. Furthermore, it reiterates the public/customer demand which in turnhelps improve the idea and mould it in a way to satisfy both, the customer’s needs and thebusiness’s expectations from the proposed idea. In order to fight a battle and subsequently betriumphant in it, one must know how well armed the opponent is, which is what defines theimportance of a market research.Market Research involves the collection of two types of data. Primary information is all the datayou might acquire from personal questionnaires and surveys. It helps a business get a clearpicture of the market through interviews which are later summarized to address the research’sunderlying question. On the other hand, Secondary Information is helpful for analysis but is notso painstaking, especially if you know where to look. Successfully gathering information fromboth sections, results in a thorough market research that may help the business plan effectivelyand efficiently.