Is market research necessary for start-up-business Discuss Essay

Is market research necessary for start-up-business Discuss - Essay Example 1998.Marketing Research, P.106, Tata McGraw-Hill ). Business is a very fluid state; its states will never be constant, ever changing from time to time. Because of these constant changes Organizations are always posed with a question, what do I do next? Little can be answered with out any data to support. The collection of such relevant data gathers high importance especially for beginners because before organizations can launch their products they can understand the feasibility of their efforts through market research. 1. Formulating the problem: The very purpose of any marketing research is to identify the problem and its relevance to the organization. An ill defined problem can mislead the entire market research because of poorly defined research objectives. Initially for beginner, problems are plenty in understanding his/her own business and the general market conditions. Question such as whom to market? What to market are the real challenges for an entrepreneur? Marketing research helps in finding solutions for these and also many other issues. The concept of four ‘p’s (product, place, price, people) needs to be answered. 2. Developing Objectives of the research: The objectives of the research should be clear and specific. The objectives should cover the questions regarding the purpose of the study, Method in which the study is to be conducted, the information needs and the sources of information. The concept to be launched into the market whether it is a product or a service needs to be tested. However it is important to decide at which phase of market research the testing can be done. Normally while launching a startup business, businessmen use market research as a launching board for the product or service. Data collected has to be collated in such a way it yields information and the information so gathered can be utilized for preparation of a research report. Normally research analysis will be based on data depicted in the form of graphs and