Business Planning

Business Planning

business planning img

Market Research for Business Planning

The marketing team at Hello Infocom Web Design offers comprehensive Market research the organized gathering, recording and analyzing of data about your business customers, competitors and the market as a whole. Market research is a key tool in creating a business plan, launching a new product or service, fine tuning existing products and services or expanding into new markets. Our research can determine which portion of the population will purchase your product or service, based on variables like age, gender, location and income level as well as what market characteristics your target market has.
We help companies make better business decisions about the development and marketing of new products and services by presenting the voice of your consumer to you.

Market research for business planning

Market research is discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is complete it can be used to determine how to market your specific product. Whenever possible, try to reduce risks at the earliest possible stage. For example you could carry out market research early on and not wait until you are almost ready to enter the market. If early market research reveals that your business idea has real potential, you can use this information in planning the build-up of your business.

The marketing team at Helo Infocom Web Design will help you plan a successful business startup by providing useful information in some of the following ways.

. Market information - Making known the prices of the different commodities in the market, the supply and the demand.

. Market segmentation - The division of the market or population into subgroups with similar motivations including geographic differences, personality differences, demographic differences, use of product differences, and psychographic differences.

. Market trends - The upward or downward movements of a market, during a period of time.

. Market Analysis – including customer analysis, competitor analysis, risk analysis, product research and advertising research.

Complete market research

Hello Infocom Web Design provides a comprehensive market research program that allows for program changes by discovery. Our process includes the following key initiatives.

Defining the research problem

Defining the problem is the single most important step in the market research process. A clear statement of the problem is a key to good research. A firm may spend hundreds or thousands of dollars doing market research, but if it has not correctly identified the problem, those dollars are wasted. Let’s assume your problem is setting up a business. Even if this is clear, you still need to know what exactly you need to know to make the new business a success and what specifics related to the product are difficult to find out. For example: it is unknown what potential markets there are, what customer groups are interested in your products, who the competitors are? After formulating your problem, you need to formulate your research questions. What questions need to be answered and which possible sub-questions do you have. With the problem or opportunity defined, the next step is to set objectives for your market research operations. Research objectives, related to and determined by the problem formulation, are set so that when achieved they provide the necessary information to solve the problem. A good way of setting research objectives is to ask, “What information is needed in order to solve the problem?" Our objective might be to explore the nature of a problem to further define it, or perhaps it is to determine how many people will buy your product packaged in a certain way and offered at a certain price. Your objective might even be to test possible cause and effect relationships. Clear objectives can lead to clear results.

Select the research design

At Hello Infocom Web Design we understand that every research project and every business is different but there are enough commonalities among projects to categorize them by research methods to collect and analyze data. Some examples of research design we may utilize:

. Exploratory research - collecting information in an unstructured and informal way.

. Descriptive research - methods and procedures that describe marketing variables by answering who, what, why and how questions.

. Causal research - controlling various factors to determine which factor is causing a given problem by isolating causes and effects (i.e.: by changing price you can monitor its effects on a key consequence such as sales).

Identify information types and sources

There are two types of information our researchers at Hello Infocom Web Design utilize for your project; primary data and secondary data. Primary data is original information gathered for a specific purpose. Secondary data is the information that already exists somewhere and has been collected for some other purpose. Secondary research is usually faster and less expensive to obtain than primary research. Gathering secondary research usually involves browsing existing Internet databases. There are often great amounts of statistics about different businesses that can be used for this research which may apply to your project.

Determining the design research method

After the marketing team at Hello Infocom Web Design has determined which type(s) of information are needed for your project, the methods of accessing data are determined. We employ several different methods of collecting data including telephone surveys, mail surveys, personal interviews or group surveys. We realize that the actual design of the research method is critical to the success of your project. We utilize two basic methods to collect information; asking questions, usually via questionnaire or by observing.

To gain a lot of feedback cost-effectively we recommend online survey tools unless there is a danger that this methodology will skew the results by excluding those without internet access, those at the lower end of the socio-economic spectrum, older people and those with literacy difficulties. Alternative methods of data collection include automated telephone surveys as well as the traditional but more expensive methods such as face to face or in person interviewing or postal surveys.

Collecting and analyzing data

For smaller projects data collection is done by the marketing team at Hello Infocom Web Design. However, for larger projects we may recommend hiring an external resource specialized in interviews.

Once we have collected your project data cleaning and analysis is needed to give the raw data meaning. Data can also be collected on a smaller scale to obtain more qualitative data. One frequently used form of qualitative data collection is the focus group. Focus Groups are generally comprised of a small selection of the target audience. The participants are then questioned with discussions guided by a moderator. The group is often recorded and/or viewed by our marketing team or others via a two-way mirror or closed circuit system.