Market 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.

Every small business owner-manager must ask the following questions to devise effective marketing strategies:

Through its affiliation with the Greater Richmond Chamber of Commerce, the GRSBDC has access to some very powerful market research tools. The GRCC Business Information Center with its Geographic Information System (GIS) can help provide answers to these common marketing questions;

• Who are my customers and potential customers?
• What characteristics define your consumers or business customers?
• Where are they located?
• Can and will they buy?
• Am I offering the kinds of goods or services they want - at the best location, at the proper time and in the right amounts?
• Are my prices consistent with what buyers view as the product's value?
• Are my promotional programs working?
• What do customers think of my business?
• How does my business compare with my competitors?

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
• Develop plans of action