Basics of Market Research

Whether you are starting a new venture or looking to expand an existing business, sound information about your market is critical for success. You need to discover all you can about consumer preferences and buying habits, your competitors, and existing products. Market research in all phases of your business is the key to establishing and maintaining your position in the marketplace. In this module we will explain what market research is, review the market research process, and discuss the internal and external factors that influence success in a new market.