Evaluation of Resources for Market Research
There are several resources are listed for the market research, which are generally significant for small businesses to do market research in an effective manner. All these sources are significant to provide required information, but at limited extent. Some resources are effective to get information about contracts, while some are important to determine how to start a new business (HHS.gov, 2013). Each resource provides unique information and the combination of resources is effective to increase the significance of market research.
Among all these resources, I found ‘Source Sought Notice’ is the most accurate for market research. It is because it enables the researcher to determine the market requirements and associated capabilities, which are essential to compete in the market. This website helps to encourage the business to respond the market and to be established as a competitive business. This also enables a business to analyze the various aspects and competitive forces, which may influence the business (HHS.gov, 2013). So, it enables to make the effective strategies. This website also helped to ensure the effective market research and to get all information in detail, which is required to make the effective marketing strategies in a market.
Market Research Report Components
Market research report includes following components:
Stakeholder analysis: It is important component as it includes all key stakeholders have influence over business operations. It makes the researcher familiar with project. But, it is quite time consuming process.
Demographic assessment & trend analysis: It is helpful to select the site and create a population for demand of the products/services (Wild & Diggines, 2010). It also helps to determine industry trends. But, it fails to determine the impact of future changes.
Quantitative survey: This component is significant to get the response from end-users. It is the most important part of market research report as it helps to analyze the response of end-users for a product/service. But at the same time, this process is quite time consuming and may be bias in nature (Mariampolski, 2001).
Competitive assessment: This component includes the analysis of competitions and their strategies in the market. It also helps to understand the gap between products and services and to make the appropriate strategies to fill-out that gap in order to be competitive.
From the data of all resources, the data of competitive assessment could be used to advance the goal as it will help to analyze the competitive strategies and to choose the best strategies with some required amendments to be competitive in the market (Smith & Albaum, 2005).
References
HHS.gov. (2013). Chapter Two: Acquisition Planning and Market Research. Retrieved from: http://www.hhs.gov/about/smallbusiness/Small%20Business%20Program%20Manual/chapter2.html#FMARKETRESEARCHMariampolski, H. (2001). Qualitative Market Research. USA: SAGE.
Smith, S.M. & Albaum, G.S. (2005). Fundamentals of Marketing Research.USA: SAGE.
Wild, J. & Diggines, C. (2010). Marketing Research. USA: Juta and Company Ltd.