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Developing a marketing plan provides a better line of sight to both current challenges and new business opportunities. For innovative and technologically savvy markets, we investigate the most attractive growth strategies. To run a successful business, it is essential that you know who your customers are, what they need, and how to reach them. Before you start, establish clear goals for the market research activity you will undertake.
Once you have established your goals, develop a strategy and select the techniques you will use to gather data.
Primary research consists of data collected directly from potential customers through surveys, focus groups, field testing and etc.
A drawback of primary research is that it can be time consuming and expensive, particularly if you are hiring a marketing firm to conduct the research. Secondary research uses existing resources like company records, surveys, research studies and books. While secondary research is less targeted than primary research, it can still yield valuable information. Another key secondary resource is statistical data from official statistics providers, associations and private organizations. When conducting research there are some questions you may want to answer, and primary or secondary research will help you find the answers. Knowing who your customer is will help you choose a location, establish pricing and plan a selling strategy.

Determine who your major competitors are, try to locate their strengths and weaknesses, and see how your business compares.
Knowing where your potential customers are located will help you choose a location, what kind of promotions to use and other marketing strategies. Finding the data that can help you with your business decisions can be difficult, and some of the data can be expensive to purchase. For more information on market research and other business topics, contact Canada Business Ontario today. Request our free secondary market research service for help finding existing data such as sample business plans and demographic information. Before starting a business in Ontario, learn about the requirements and options, such as regulations, financing, and taxation. Find out if you are suited to become an entrepreneur and learn about the benefits of being your own boss. Find out how to write a business plan, and access templates, sample business plans, market research information and statistics.
We support you by providing an outline of the plan, formulating and conducting surveys, research and any other specific task required to put in place a clear and robust plan for management and team.
Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business. Shifts in economic conditions, demographic changes, new regulations and changes in technology can all affect the way you do business. The benefits are that you can target specific groups (such as your customers or the geographic market for your business) and tailor the study to answer specific questions.

It can also help you learn about changes in your industry and how those changes could impact sales. Pricing can play a large part in the success of your business, so you will want to consider what your competitors are charging for similar products and services and if you can maintain your prices over time.
When deciding on a promotional strategy consider what your competitors are doing and what kind of media would best suit your customer (for example, online media for a teen market).
There are, however, a number of affordable statistical and analytical resources available to you, as well as guidance to help you make sense of all the materials available.
Other sources of secondary research materials include libraries, universities, industry associations and government departments. To follow through, we offer market insights and recommend innovative strategies which address challenges and exploit opportunities. Consumer demands impact and direct all aspects of your company’s activities and can determine the success or failure of your business.
If you complete the research yourself, you keep the costs down and have the added benefit of getting to know the market for your business.

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