Market Research Tips to Help Your Business Succeed

Want to learn more about how market research can help your business? Market research discovers what customers want, need, or believe, as well as how they act. Here’s a 30 second summary of a guest post for the Triangle Chapter of the American Marketing Association.

Market research,  a critical component of a strategic business plan, is an organized effort and systematic approach to gather and interpret information about a company’s target markets. Learn more about:

  •  The  fundamental marketing mix of positioning, products, pricing, promotion
  •  Managing your brand reputation
  •  Strength, Weakness, Opportunity and Threats (SWOT)  analysis
  • Political, Economic, Social and Technological (PEST) influences to provide additional market intelligence
  • Five Forces Analysis evaluates five key areas:  threat of entry, power of buyers/suppliers,  threat of substitutes and competitive rivalry
  • Additional market research methods

Many proven strategies and winning approaches exist to help businesses gain market intelligence so they can come from a position of strength, and therefore, succeed.  Market research is one of many useful tools to help companies determine if they have the right product or service, in the right market, at the right price with the right story to tell. Read the guest blog to dig deeper:  http://bit.ly/GDrRw3

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