Data Collection - Links

Market Reseach is the scientific investigation into marketing problems through the systematic gathering, recording, and analyzing of data. All activities that enable a business to obtain the information about the market conditions, the product mix, and present or potential customers.

It is absolutely necessary to perform extensive market research to validate an business idea that you have. The cost of market research is significantly less than the cost of a big mistake in a marketing or product plan.

There are a number of options for data collection, though the most successful businesses use specialists (internal or external) to collect and analyze data. The process can be deceptively complex and analysis should be scientific and objective if it is to have any value.