Market Research and Documentation

1
Market Research and Documentation- An Important
Aspect of Business Development
A new business that has ventured into unknown
waters has an infinite option to exploring the
possibilities and opportunities it brings along.
By now, you are well aware of your market
competitors and what your products are, but where
does it all begin? How do you step into the
market once the conception phase is over? Many
small business enterprises make the mistake of
getting into the race of finding investors even
before having a solid and concrete market plan.
This leads to over-exaggerated goals,
unmanageable targets and an end result of total
failure. A new business venture should always
begin with a Documented Market and Product
Research. With this documentation, you not only
have a plan on paper, but the backing of a well-
studied market into which you are treading. What
is Market and Product Research? Market research
is the process of analyzing statistics and facts
about a particular cluster of industry/services
or products. With the raise of service delivery
businesses all around the world, the competition
to be best among the rest has definitely gone
up by a zillion points! With this exponential
growth, the need to improve ones product and be
one step ahead from your competitors is the need
of the hour.
2

• When is a Market/Product Research used?
• When you are a new business, or are venturing
  into a new segment of the market with your
  existing product.
• When you need to make changes in your product
  according to customer feedback and interactions.
• When your current marketing plan is not working
  and you need a fresh approach.
• To identify new opportunities in the existing
  market.
• How is this research implemented?
• RD By far, research and development is
  considered the heart and soul of any business
  venture. With RD, a business brings innovation
  on the table. An RD team not only works on the
  current factors involved but the future of the
  product as well.
• Analyze your competitors The best place to
  invest in your business is to analyze
• your competition, their strengths and weaknesses
  are the main factors which can determine the
  rise or fall of your own product. By documenting
  their growth and innovation, not only do we get
  insights on how our product will fair, but also
  be able to do beyond them.
• Know your customers needs With market research,
  we are made aware of where our products or our
  competitors products lack. By conducting
  feedback surveys and
• making the required changes or addition in our
  products, we help raise the bar of success for
  our competitors.
• Build your brand On the basis of changes made
  using above methods, you can easily build your
  brand with a better product which is of necessity
  in the market. The fact that you are doing what
  others are missing, i.e. research and customer
  satisfaction is another feather in your hat!
• Documentation Last but not the least,
  documentation at every step of this process
• is crucial. With documentation, you have a solid
  proof of every research outputs and
  modifications made to make your product
  profitable in the market. Documentation helps in
  sharing insights with other people involved, like
  stakeholders, various audiences and your overall
  business group. With proper documentation, you
  can go back to it for any clarifications or
  references any time in future.
• Conclusion We now know that Market and Product
  Research is an integral part for the success of
  any Business. With our Research Services at
  Outsource Dataworks, we can help you conquer
  these obstacles by making sure you have a
  well-researched and documented Market and
  Product plan ready on time. To know more about
  the services we offer to make your lives easy,
  contact us today!
• For more clarification send mail inquiry to
  sales_at_outsourcedataworks.com

3
(No Transcript)