Market Research

When NOT to consider marketing research:

• When you're absolutely, positively certain that you know everything you need to know to make a decision

• When research would not reflect the future

• When the cost of research would exceed the payoff of a correct decision

• When the cost of research would exceed the loss if a bad decision were to produce negative results
   

When TO consider marketing research:

• When you lack the information you need to make a prudent decision

• When you are weighing alternatives

• When you detect symptoms of problems afoot in your constituency

• When you embark on something different

• When you have an understanding of the purpose and objectives of any study before it is undertaken
   

What can research do for you?  It can

• Measure the reputation of your organization among consumers, customers, employees or anyone else
  whose sentiments might be important to you

• Determine what factors are most important in a purchasing decision, and what vocabulary consumers use when talking about your type of product or service

• Warn you when consumers show signs of finding your product or service less desirable than before.  For instance, maybe you've switched to a different way of doing things and you hoped they wouldn't notice;
  they usually do

• Save you time and money by pinpointing where your competitors fit into the scheme of things, and why they're test-marketing a new product in your back yard

• Tell you whether your advertising is communicating the message you intended.  E.B. White once wrote: "When you say something, make sure you have said it.  Chances of your having really said it are only fair"

• Identify how well your name is known, compared to the competition

• Tell you what people think your name means