what is market research in business plan - Brave Search

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How to conduct market research for small businesses

In fact, market research is crucial for your success whether you’re entering a new market, looking for customers or launching a new product. It can also help you to identify opportunities to generate more business with existing customers. Businesses can gather data on such topics as product design, branding, advertising concepts, sales channels and customer service. In short, the insights gathered through market research can shape your business plan ...

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What is Market Research

... Market research involves the systematic collection and analysis of information about customers, competitors, and the overall market to gain insights into consumer needs, preferences, and emerging trends.

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People also ask

How do I do market research for a business plan?

By using Digital Research Intelligence tools like Similarweb, you can quickly conduct audience research, company research, market analysis, and benchmarking from a single place. Another method is secondary market research, but this takes more time and data isn’t always up to date.

similarweb.com › home › market research for a business plan: how to do it in a day

Market Research for a Business Plan: How to Do It in a Day | ...

What market research components should be included in a business plan?

When considering adding market research to your business plan, there are 3 key areas to keep in mind: industry analysis, customers/local market assessment, and competitor analysis.

Industry Analysis

Include details about the historical performance of the industry, emerging industry trends, and future industry outlook.

Customers/Local Market Assessment

Include demographic information and primary market research findings regarding consumer behaviour and preferences to gain insights into your target market and audience.

Competitors Analysis

Include a comprehensive evaluation of your main competitors in relation to your company. Typically, this involves conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats.

businesslink.ca

businesslink.ca › services › market-research

Market Research - Business Link

What other resources are there for secondary market research?

Industry and Economy Information

Alberta Economic Dashboard
Alberta Regional Dashboard
Canada Key Small Business Statistics
Financial Performance Data
Government of Alberta Economic Trends
Invest Alberta
Statistics Canada

Directories and Business Information

Alberta Chambers of Commerce
Canadian Trade Index
Indigenous Business Directory
Kompass
Scott’s Info
Statistics Canada Business Register
Thomas
Yellow Pages

Consumer and Household Information

Alberta Population Statistics
Alberta Regional Dashboard
Environics Analytics PRIZM
Statistics Canada Census
Statistics Canada Consumer Spending Information

International Trade Information

Canadian Trade Commissioner Service
Export Development Canada
Google Market Finder
Government of Alberta Export Tool
Government of Alberta Market Profiles
Trade Data Online

Business Link Information

Need more data specific to your industry or location? Business Link can provide secondary data related to:

Consumer demographic information such as population, age and sex, income, education and occupation, ethnicity, and more
Household spending on consumer goods and services
Business lists (competitors, suppliers, etc.) including data such as business type,
location, revenue, number of employees, and industry
Industry news and trends
Industry average financial ratios
Importing and exporting data

Contact us for further assistance with your secondary market research

businesslink.ca

businesslink.ca › services › market-research

Market Research - Business Link

U.S. Small Business Administration

sba.gov › business-guide › plan-your-business › market-research-competitive-analysis

Market research and competitive analysis | U.S. Small Business Administration

Share sensitive information only on official, secure websites. ... Market research helps you find customers for your business. Competitive analysis helps you make your business unique.

sbs-spe.feddevontario.canada.ca › en › introduction-market-research

Introduction to market research

To run a successful business, it is essential that you know who your customers are, what they need and how to reach them. Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business.

businesslink.ca › services › market-research

Market Research - Business Link

Whether you’re starting a new ... a successful small business plan, which includes collecting and analyzing data on your customers, competitors, and industry....

Regionalbusiness

regionalbusiness.ca › wp-content › uploads › 2021 › 03 › market_research_guide.pdf pdf

Market Research & Developing A Marketing Plan “Research is creating new

A regular flow of market research can · help you to maximize the potential of your current business activities and help you to create a roadmap ... Successful businesses have extensive knowledge about their customers and their competitors. Getting · accurate and specific information about your customers and competitors is a critical first step in · market investigation and the development of a marketing plan...

forbes.com › councils › theyec › 2020 › 02 › 28 › understanding-market-research-for-your-business-plan

Council Post: Understanding Market Research For Your Business Plan

August 12, 2024 - It’s where you learn about your audience’s wants and needs and the financial trends in your industry, and where you combine the data, and uncover trends that tell you what customers want and how to provide it most effectively. The results of that research and analysis will shape aspects of the rest of your business plan. Assessments of your market and competition inform critical decisions in areas such as product design or service offerings, price, marketing methods, and business location.

investopedia.com › terms › m › market-research.asp

How to Do Market Research, Types, and Example

June 15, 2025 - Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public.

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Google Bing Mojeek

business.com › home › marketing › marketing tools

Creating a Successful Market Research Plan

January 15, 2025 - In this section, describe the desired outcome for your marketing plan with realistic and attainable objectives, the targets, and a clear and concise time frame. The most common way to approach this is with marketing objectives, which may include the total number of customers and the retention rate, the average volume of purchases, total market share and the proportion of your potential market that makes purchases. “Market research empowers small businesses to make informed decisions by identifying gaps, trends and opportunities,” Kolyeva said.

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Market Research for a Business Plan: How to Do It in a Day | Similarweb

April 2, 2025 - What it is – A target audience is a social segment of people who are likely to be interested in your products or services. It’s a snapshot of your target customer base, sorted by certain characteristics. It’s also known as audience demographics and can contain data like age, gender, location, values, attitudes, behaviors, and more. Where to use this market research in a business plan – Demographical data can help determine the size of your market, which slots into the executive summary, marketing plan, market sizing, and financial sections of the plan.

salesforce.com › small-business › how-to-do-market-research

How to Do Market Research for Small Business

Market research is gathering consumer feedback on your product or service and collecting pertinent information on the marketplace. This information includes what your competitors are doing and how they’re pricing themselves.

liveplan.com › blog › starting › market-research

How to Do Market Research in 6 Steps (2025 Guide) | LivePlan

Do market research in 6 simple steps: Identify your target market, find out if the market is big enough, talk to your potential customers, and document.

Pollfish Resources

resources.pollfish.com › home › how to do market research for a business plan successfully

How to Do Market Research for a Business Plan Successfully - Pollfish ...

June 28, 2021 - Market research largely deals with evaluating the viability of a new product or service, although this aspect is primarily referred to as customer development. By conducting market research, you can therefore gather information on virtually ...

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How to Conduct Market Research for a Business Plan

July 31, 2025 - Keep reading to learn how market research can set your business on the path to success. Market research is the process of collecting information about your target customers, competitors, and business trends.

thehartford.com › business strategy › how to start a business in 10 easy steps › marketing for startups › market research: the basics › why do market research?

The Basics of Market Research & Your Business | The Hartford

Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach.

ownr.co › ownr blog › ownrship 101 › business stages › growing your business › levelling up › market research for small business: what it is and key goals

Market Research for Small Business: What It Is and Key Goals | Ownr

June 20, 2022 - Market research is the activity of collecting information about your target market and potential customers. A critical part of any business plan, market research helps you better understand your industry and more accurately predict if your small ...

Small Business Development Corporation

smallbusiness.wa.gov.au › marketing › market-research

Market research | SBDC

Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location.

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How to Do a Market Analysis for Your Business Plan | Wolters Kluwer

January 26, 2024 - Research company filings: Look at your competitors’ filings with the Securities & Exchange Commission and other regulators · How do you determine if there are enough people in your market who are willing to purchase what you have to offer and at the price you need to charge to make a profit? The best way is to conduct a methodical analysis of the market you plan to reach.

businesslink.ca › small-business-basics-navigating-the-world-of-market-research

Small Business Basics: Navigating the World of Market Research - Business Link

Market research provides the insights needed to make well-informed decisions by: Identifying Your Target Customers: It’s essential to grasp who your customers are, what they want, and how they decide to buy. This insight is fundamental to building your business strategy. Analyzing the Competition: Knowing who you’re up against helps pinpoint what makes your offering unique and how to position yourself in the market. Guiding Strategic Planning: Insights from market research play a critical role in developing marketing strategies and refining your product or service.

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How to Do Market Research for a Business Plan | QuestionPro

May 30, 2023 - For instance, if you’re thinking of promoting a new electronic device, you can obtain market research on product sales information from the Consumer Electronics organization at CE.org. Competitors Analysis – You will have to visit your competitor’s websites and do analytical research for traffic, sales, and niche to make sure you can compete successfully. You can also get valuable insights on how well their business is doing by simply adding your name to a marketing list so that they will send you their news more often.