Market Research
Business is always a complex operation - one that you must understand in depth if you're to succeed. One of the principal ways of gaining that understanding is to learn all you can about your potential customers and competition by acquiring as much accurate and specific information about them as possible. That, in essence, is what market research is all about.
Market research basically breaks down into two categories. The first is competitive intelligence - getting to know the strengths and weaknesses of your competition. The second category is customer intelligence - learning as much as you can about your potential customers.
Such research can take many forms. There are two methods of collecting the data. Gathering secondary data (also known as desk research)involves making use of material already available. Primary data, on the other hand, is information you specifically commission.
Competitive Intelligence
| Primary |
Secondary |
| Store Visits |
World Wide Web |
| Test Goods |
Dun and Bradstreet |
| Competitor Reports |
Trade Magazines |
| Statistics Canada |
| Libraries |
| Chambers of Commerce |
| Boards of Trade |
Customer Intelligence
| Primary |
Secondary |
| Phone Interviews |
Statistics Canada |
| Face-to-Face |
Libraries |
| Mail Surveys |
Trade Magazines |
| Focus Groups |
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