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Plan market research related to and appropriate for a selected sports business

Market research aims to understand the reasons consumers will buy your product. It studies such things as consumer behaviour, including how cultural, societal and personal factors influence that behaviour. Market research is further split into two varieties: Primary research studies customers directly, whereas secondary research studies information that others have gathered about customers.

Primary research might be telephone interviews or online polls with randomly selected members of the target group. You can also study your own sales records to gather primary research. Secondary research might come from reports found on the websites of various other organisations or blogs written about the industry.

  • Follow these steps to spending your market research dollars wisely;
  • Tapping information sources to provide the answers to as many questions as you can will make your plan more convincing and your odds of success higher;
  • Keep in mind that with the internet you should not have to spend a ton of money;
  • The more focused the research, the more valuable it will be.

For your plan, you can use either type of research or a combination of both. Who are your customers? Describe them in terms of age, occupation, income, lifestyle, educational attainment, etc. What do they buy now? Describe their buying habits relating to your product or service, including how much they buy, their favoured suppliers, the most popular features and the predominant price points.

Why do they buy? Answers will depend on the product and its uses. Cookware buyers may buy the products that offer the most effective nonstick surfaces, or those that give the most pans in a package for a given amount of money, or those that come in the most decorative colors. What will make them buy from you? Tapping information sources to provide the answers to as many questions as you can will make your plan more convincing and your odds of success higher.

Also, the business plan software programs have detailed research included and online research available. The reason to add some of your own unique material is that everyone using the software program is tapping into the same database and you want your business plan to differ from that of the last entrepreneur in your field.

Making a Business Plan: What 10 Experts Have to Say about Creating a Winning Plan You can also find companies that will sell you everything from industry studies to credit reports on individual companies. It requires significant amounts of expertise, manpower and technology to develop solid research. For companies of all sizes, the best market research is the research you do on your own. You can gather detailed research on customers, including their likes, dislikes and preferences, through Facebook, and use Google Analytics to sort out the numbers as they pertain to your web visitors.

People are researching and making their opinions felt through their actions on the web, so you can gain a lot of marketing insight by looking closely at what is going on electronically.

  1. Describe their buying habits relating to your product or service, including how much they buy, their favoured suppliers, the most popular features and the predominant price points. Market research aims to understand the reasons consumers will buy your product.
  2. Primary research might be telephone interviews or online polls with randomly selected members of the target group. Why do they buy?
  3. The reason to add some of your own unique material is that everyone using the software program is tapping into the same database and you want your business plan to differ from that of the last entrepreneur in your field.

When looking at comparable businesses and their datafind a close match. For comparative purposes, consider: Companies of relative size Companies serving the same geographic area, which could be global if you are planning to be a web-based business Companies with a similar ownership structure. If your business has two partners, look for businesses run by a couple of partners rather than an advisory board of 12.

Companies that are relatively new. While you can learn from long-standing businesses, they may be successful today because of their 25-year business history and reputation. Follow these steps to spending your market research dollars wisely: Determine what you need to know about your market. The more focused the research, the more valuable it will be.

Prioritise the results of the first step. Review less-expensive research alternatives.

The Best Ways to Do Market Research for Your Business Plan

Your trade association will have good secondary research. Estimate the cost of performing the research yourself. Keep in mind that with the internet you should not have to spend a ton of money. This article was originally posted here on Entrepreneur.