Market Research Is An Important Part of Business Research
Since most smart entrepreneurs needs a business plan and investors before they open their doors, they must perform business research that determines the specific market segment, or demographic, for the products or services they sell. Researching a market will involve looking at competitors, comparing pricing, examining ways to open up market share (grab a bigger piece of the pie), and make money. Business research will also be focused on collecting data regarding:
Cost of labor
Returns or charge backs
Banking resources, such as lines of credit
Other types of research, such as scientific research, may focus on experiments that feature control groups. However, business research is not subject to these guidelines. Instead, it is based on the realities of doing business in bricks-and-mortar shops and online storefronts. The best businesspeople will spend months researching a new business venture before they make a final decision about its potential profitability. Business research is designed to minimize risk to all investors, and to predict (as much as possible) the future of a new (or existing) company. There are many ways to use the Internet to do business research; investors can be checked out, market research can be conducted, and pricing comparisons can be undertaken through the World Wide Web.