Marketing Research for Small Business

Introduction

Every business, whether small or large scale business, needs to establish a goal of making it profitable or if not, at least can help the community. A person who is planning put up a business in some certain can definitely fulfill the dreams with a help of a good marketing research. The research can be conducted by a professional but it might cost a lot. The entrepreneur can conduct the marketing research in his own way and by that, he can save money for purchasing a report and not sure if it is reliable information; and see in his very own eyes and understand the good and the bad side for the business.

Market Research for the Business

The marketing research of a small business is obviously different on the large type. The large type business needs broad information about the business’s internal and external aspects. While the small business, needs definite information where he can build the business in the place of his choice.

The market research always start with planning, the researcher must identify the demographics, whether the age, gender, or geographical location, where the business will be available. Measuring the market competitor is also effective for it can help make adjustments and considerations. The projection within the market area is also suggested so that, the marketing strategies can be applied. And the most important are the target markets. Today, the access to the internet can help the researcher make the report more intricate and detailed because most of the needed information is available. The spending of time in conducting surveys can lessen.

The survey is still an effective source of information, especially when the business is new to the place. With the help of the survey, the proprietor can identify what are the things needed and if the business can help the community’s search for a good product or service. The survey should be clear and focused on just one purpose. The use of focus group or/and target market is also applicable in the business that can only afford limited varieties of people. If the business is about the beauty products then, the women and young girls are the target market and eventually can serve as the focus group of the business. The group can contribute a lot in the business’s cycle because they can supply suggestions, ideas, or comments about the business.

Marketing Matters for the Business

A good marketing works to promote growth and profitability in the business. The marketing standards are effective tools in making the business competent enough up to the next years. Market research and strategy is a way to learn more about a business and the climate in which it operates. The competitor’s nature of activity should also include in the market research. It involves surveys, focus groups, questionnaires and analyses to define a target audience and the results help the business choose a name, design and complete other branding efforts.

Marketing communications are the tactics used to give information about the business to target customers. Like websites, catalogs, etc. the related efforts can help to expand the business reach other goals. Advertising and public relations are the ads paid for the announcements that deliver product or service information to inform target customers, like on the newspaper or yellow pages and public relation activities and events that will not cost the customers.

The proprietor or researcher must identify the applicable four key marketing decisions in just and reasonable programs. The business should be specific in the products and services that they can offer. The distribution process and its channels must be secured well and properly tracked down. The promotional activities or selling and special offerings should also be visible. Most of the businesses spend these kinds of activities when the business is in the first day of their opening year, holidays, anniversary of the business, and any other occasion. The last thing that every business should consider is bringing the price into the market. The researcher or owner must give justice to their products by putting it with an amount but not causing much expense on the customer.

Conclusion

After making the report available to use and the decisions were made, the owner-managers need to evaluate on how the decisions will affect the business’s performance. The sound data that they collected for the industry should be kept for there will come a time that they will need another consultation from it, although things got different every day.

References:

Citibank Guide 5. (2008). Marketing Matters for Your Small Business. [Online] Available at: http://www.docstoc.com/docs/425449/Marketing-Matters-for-for-Small-Business. [Accessed 17 Sept 2009].

U.S. Small Business Administration. Marketing for Small Business: An Overview Marketing Series. [Online] Available at: http://www.sba.gov/idc/groups/public/documents/sba_homepage/pub_mt2.pdf. [Accessed 17 Sept 2009].