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Methods of Business Research
According to the American Marketing Association, marketing research is
the systematic gathering, recording, and analyzing of data about
problems relating to the marketing of goods and services. Marketing
research is not a perfect science. It deals with people and their
constantly changing feelings and behaviors, which are influenced by
countless subjective factors. To conduct marketing research you must
gather facts and opinions in an orderly, objective way to find out
what people want to buy, not just what you want to sell them. It is
impossible to sell products or services that customers do not want.
Learning what customers want, and how to present it attractively,
drives the need for marketing research. Small business has an edge
over larger concerns in this regard. Large businesses must hire
experts to study the mass market, while small-scale entrepreneurs are
close to their customers and can learn much more quickly about their
buying habits. Small business owners have a sense their customers’
needs from years of experience, but this informal information may not
be timely or relevant to the current market. Marketing research
focuses and organizes marketing information. It ensures that such
information is timely and permits entrepreneurs to reduce business
risks, Spot current and upcoming problems in the current market,
identify sales opportunities and develop plans of action.
Business research is essential because it …