Market Research Tips
- Establish the aims of the intended research.
Do you want to know who the potential
suppliers may be or if there are any existing goods or services
that may satisfy your requirement? Do you need more
information to determine the anticipated costs and timeframes?
Establishing the aims of the intended
research is the foundation for conducting effective market
research. Develop a list of questions or set some measures of
success that will help you to evaluate the outcomes of your
- Identify appropriate sources of information
Determining which sources of information
are most appropriate depends on the aim of the research. For
example browsing the Yellow Pages or
contacting the ICN may help to identify potential suppliers. Using a
number of sources will also allow for a wider range of results and
better understanding of the research aims.
For more information see market research and sources of information.
- Collect, interpret and monitor your research
Be aware that research does take time to
conduct. As you interpret the information you collect make
sure that it relates to the aims of your research.
Continually monitoring the progress will also help you to identify
when those aims have been achieved.
This step represents the reason for the
whole research process and should result in answers to your initial
Documenting your results allows for
future justification of any decisions that stem from the
research. The information gathered may also assist in future
market research conducted by your department.