To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and...

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To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:



  • -Reduce business risks

  • -Spot current and upcoming problems in your industry

  • Identify sales opportunities



WHAT TO DO: Visit this data site:


http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/establishing-business/b-1


and outline how you can apply any aspect of the methods, processes, terms, or analyses in this course to analyse any aspect of the data provided.



There is no right/wrong answer, just show how you can apply some aspect of business statistics to the data.


*Attach a separate file of no more than 3 pages (750 words, if you chose to type it in the space provided). This should include any diagrams or formulas you may use.



Answered Same DayDec 29, 2021

Answer To: To run a successful business, you need to learn about your customers, your competitors and your...

David answered on Dec 29 2021
121 Votes
Introduction
Market research is a tool rather an essential tool for the growth and survival of the
business. It helps in analysing the ways to improve the strategy of the bu
siness and Reduce
risks. This paper defines outlines for the different types of research and the ways to conduct
research in an effective way. Too often a business failure is said to be a reason behind an
unplanned market research. When a new business starts then entrepreneurs are looking to
minimize the risk and Market research is the primary tool which enables them to reduce risks.
 It helps is spotting upcoming trends and problems a business can encounter such as:
 It helps to identify the urge of new kinds of products and services customers are
looking for
 It spots any type of changes an can anticipate market trends
 In determining the status of customers as if they are satisfied or not
 It gives Businesses a competitive advantage by knowing key subtle issues
 It spots Warning signals in the business
 It helps in identifying which advertising technique would help best
 Keeps you in pair with new technologies and innovations
 Viability of any new idea and skill
Hence Market research is a risk minimizer tool. In other words it can be said that it is
a tool which helps you to stay in the business as well as build a more profitable business.
Any statistical data helps any business to understand the trends, upcoming threats and
opportunities about the business. This is an important criterion as it is a catalyst to take any
further decisions regarding new product development, recruitment of new employees,
expansion in new market, target which demographic segment. Also, in order to decide the
production units as per the population of...
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