Family owned business market research is usually discussed by the family members who are member of the company. While in big organizations, market research is discussed by high ranking personnel and a team of marketing personnel. We will discuss the importance of market research in a small family owned business. Family businesses have their own special set of challenges. Not only are you in personal relationships with a number of the people you are working with, which can complicate those relationships and those with your other employees, but you also need to deal with leadership roles and how ownership is passed to future generations. (www.smallbusinessnotes.com).
Market research deals with the gathering of information, analyzing data and recording. Its uses include helping create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets. Market research can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics a target market has. With market research, companies can learn more about current and potential customers. (www.wikipedia.org).
Like any other business the small family owned business needs to have a market research to be able to ...
Family members who are involved in the business usually have contradicting ideas and sometimes resulted in misunderstanding because emotions interfere. This is a market research should enters. The family members should put in mind that in market research the success and growth of the business is possible. Market research will also reduce the risk at the earliest stage.
Small and big companies start the market research by gathering market information to ensure that they can serve their client by: remaining current with trends, keeping ahead of their competitors and seeking out new markets.
There are several steps that need to be done in order to have a successful market research. The first thing that we need to identify is the problem involve in the company. A family owned company usually have problem in concluding in several things. One of the dimensions that need to be overcome by the family owned company is involvement of emotion during decision making. In a market research it is a waste if you proceed into something without identifying the problem first. Like any other business the family owned business should be able to identify the problem of their business correctly. Market research also helps companies develop information regarding new products or product lines and learn how well new items will be received. It can also help businesses learn how the public responds to a comparable product already on the market. In this way, business can stay in the loop, keeping in touch with the wants and needs of potential consumers. They can halt production of a product that the public shows little or no interest in, or change it, improve it, or