Market research

Market research can be a specialized fields involving trained experts, computer reporting and result interpretation. When governments send out questionnaires on subjects such as health, youth or social benefits, the information from thousand of responses is compiled to design action decision. Corporations do much the same with their product program preparations, often contracting professional research firms to obtain the answer and report on the results. It can be an expensive exercise but for major investment considerations, significant studies are justified.

The new venture entrepreneur may use the focus group strategy to obtain valid assessment of his product and business ideas. Trained group leaders may be appointed to conduct sessions but the group selected for typical or potential acquaintance with the product concepts is directed to freely and openly discuss the product, its potential and acceptability. Often such a group can consist of fellow business being researched. The objective is to obtain ideas and approaches to the marketing process can parallel writing a business plan research is important indeed.

In order to return to the personal time freedoms of the past years, it was necessary to employ someone to look after the shop. The labor costs incurred effectively eliminated any profit from the business, made the account unattractive for any future sale and ruled out the prospect of an income supplement to the public service pension.

Marketing has matured as a discipline in the past 50 years. It is far from being a precise science as the human individual can be unpredictable, either alone or as participant in a group. We know that business exist solely for and because of the customer and the most effective way of communicating with him, the better are the chances for success. Knowledge of the tools in the marketing mix and the adoption of the Marketing Philosophy will support business survival and progress.