Essay about Marketing Research Of A Small Business Owner

Essay about Marketing Research Of A Small Business Owner

Length: 976 words (2.8 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Marketing Research Methods
A small business owner has undoubtedly done countless hours of research and put forth great effort in starting up and maintaining their company. Unfortunately, these same business owners may not have focused enough energy towards researching the market and target segments to assure that there is an actual preexisting need and desire for the offering.
This paper will compare and contrast three marketing research methods that can be used by small businesses to better understand the sales potential of their marketplace.
The Marketing Research Process
Whether starting a new business or attempting to improve an existing one, marketing research can provide essential information to making wise managerial decisions. Choosing the right combination of location, product offerings, pricing structure, and how to promote one’s brand can be greatly guided by thorough and meaningful marketing research. Failing to properly research, or doing no research at all, will result in failure (Pyle, 2010).
The marketing research process is comprised of six steps designed to generate information for educated business decisions. The six steps are:
1. Defining the problem: for a startup business there can be many problems or questions that are posed, such as: what is the target market for this product? What is the price that will be competitive yet profitable for the product? What is the marketable benefit of the product?
2. Conducting exploratory research: once a ‘problem’ is defined initial research from available sources should be conducted. This could be online resources, information from trusted advisors, or industry and market periodicals. Once a small business is established, internal records can provide invaluable data to r...


... middle of paper ...


...uctured yet open-ended questions to more accurately measure consumer sentiment.
Small business owner should always consider the types of questions needing to be answered combined with the type of target markets and segments when deciding on research methods and if there will be enough data collected to make informed presentations Additionally, one does not have to choose only one method and should include secondary research along with any other research methods.
Conclusion
Small business owners that wish to startup correctly, sustain profitably, and grow their brand must employ effectively market research. Using a structured process and reliable methods for collecting data will provide insight to the market and buying habits. Applying the learned information and being diligent to continue the process may someday allow for progression and expansion of the business.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Success For Any Small Business Owner Depends On The Lucrative Employment Of Sound Marketing Strategies

- Success for any small business owner depends on the lucrative employment of sound marketing strategies. It is essential that a business, especially a small business or fledgling company, define themselves as a company, because it only then, that the business can develop a business marketing strategy that is reliable. Moreover, a sound marketing strategy remains a crucial element for the development, as well as, the growth of the company allowing it to achieve, in addition to communicating both the goals and the objective of the business to all concerns (Hemley, 2013)....   [tags: Marketing, Product life cycle management]

Better Essays
1143 words (3.3 pages)

Marketing For A Small Business Essay examples

- Small Business Marketing Marketing for a small business is a necessary function of the business. A small business survey conducted by the Deluxe Corporation found that 49% of small business owners surveyed claim that effectively reaching customers with limited resources is their biggest challenge (1). In order to sell your product you must be able to market it to the consumers. Consumers have to have either an emotional connection or they must have a product to make a purchase. Marketing has definitely evolved over the past century....   [tags: Marketing, Small business, Business, Sales]

Better Essays
1017 words (2.9 pages)

Marketing For A Small Business Essay

- Small Business Marketing Marketing for a small business is a necessary function of the business. A small business survey conducted by the Deluxe Corporation found that 49% of small business owners surveyed claim that effectively reaching customers with limited resources is their biggest challenge (1). In order to sell your product you must be able to market it to the consumers. Marketing has definitely evolved over the past century. For many small businesses the owner-manager is responsible for most aspects of the business, banking, purchasing, advertisement and recruiting....   [tags: Marketing, Small business, Business, Sales]

Better Essays
722 words (2.1 pages)

Effective Business Marketing Methods Will Be The Controlling Factor For Small Business Growth

- Effective business marketing methods will be the controlling factor for small business growth. The point of this venture will be to identify probable techniques for marketing CJ Salon. This will be accomplished through surveying other small businesses concerning organizational practice and effectiveness of business marketing. Economic pitfalls have caused a decline in clientele at CJ Salon. By means of investigation, this study will provide an effective blueprint for small business marketing strategies which support growth....   [tags: Marketing, Business, Small business, Research]

Better Essays
806 words (2.3 pages)

Business Strategies For Small Business Owners Essay examples

- Problem Statement In the United States, there are over 18,000 companies with revenues of $35 billion combined. Most of this revenue is from companies that have over 60 accounting firms. The profitability of these firms depends on the market (First Research, 2014). In reviewing the literature on Small business owners, I would say that the business strategies are different in large companies than small business owners. Specifically, financial planners are trained to provide planning services. The training is rigorous and focused on technical expertise but does not include marketing techniques or business operations....   [tags: Small business, Business, Management]

Better Essays
1246 words (3.6 pages)

Small Business Administration ( Sba ) Essay

- In the United States, small businesses play a vital role in building the economy. Today, there are over 28 million small businesses in America. What exactly is considered to be a small business. Initially, the Small Business Administration (SBA) deemed any manufacturer with 250 employees or less to be a small business, but today it considers companies with fewer than 500 employees to be small. Today’s marketplace is an excellent opportunity for the budding entrepreneur. Today’s small business owner has a wealth of opportunities to help him/her gain economic success in today’s marketplace....   [tags: Business, Small business, Management]

Better Essays
1516 words (4.3 pages)

The Success Of A Small Business Essay

- An entrepreneur is someone who is tired of living in the shadow of his or her boss and decides to be their own boss. Over 50% of the working population work in small businesses, and of these small businesses 22 million out of 28 million are self-employed. Sadly, approximately 534,000 new small business get started each month but more than that shut down monthly. The US economy depends on entrepreneurs and their small businesses to survive. Yet most people never take time to think about how to start their businesses properly and keep them making money....   [tags: Small business, Entrepreneurship, Business]

Better Essays
1022 words (2.9 pages)

Online Marketing Strategies For Small Businesses Essay

- In 2007, according to Statistics Canada, only 36% of small businesses had a website, and only 7% sold their products or services through the internet (Evans, and McHutchion, 2011). Owners of small businesses must have a return on each investment in everything they do for their businesses, even more when they spend money in online tools and online marketing strategies (Berkley, 2010). On the other hand, 91% of big businesses are on the internet, and 22% of them, sell online (Evans, and McHutchion, 2011)....   [tags: Marketing, Small business, Business, Big Business]

Better Essays
1169 words (3.3 pages)

The Small Business Administration Essay

- The Small Business Administration is one of the first resources that come to mind for many small business owners looking for guidance or help. And for good reason, since the promise of government-backed loans and free advice sounds like a pretty good deal. Having run multiple startups and grown them to become multi-million dollar entities, however, I can tell you that the guidance provided by the SBA just barely scratches the surface of what business owners and entrepreneurs need to know to be successful....   [tags: Business, Small business, Entrepreneurship]

Better Essays
792 words (2.3 pages)

Essay on Small Business For Large Multi Multinational Corporation

- In the 21st century the economy is becoming more globalized and this is highly beneficial for large multi multinational corporation. Globalization is defined as “The worldwide movement toward economic, financial, trade, and communications integration” according to BusinessDictionary.com(n.d). Big business can gain a lot when they utilize the benefits brought by globalization. Also, they can benefit from the workplace diversity which often leads to an increase in productivity and creativity. While, all of this can be a benefit for huge business, but might be a risk for the small business....   [tags: Small business, Business, Marketing, Management]

Better Essays
1619 words (4.6 pages)