How can a business ensure the accuracy of its market research data?

A business can ensure the accuracy of its market research data by using reliable sources and methods for data collection such as surveys, questionnaires, focus groups, and in-depth interviews. It's also important to have a large and diverse sample size to avoid bias. Regularly updating the data and cross-checking it with other sources can also help maintain accuracy.

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Using market research to find customers – gather demographic information to discover opportunities and limitations for customer growth (examples: data on age, income, family and interests). Then answer these questions to get a good sense of your market: Is there a desire for your product or service? How many people would be interested in your offering? What are the income range and employment rate? Where do your customers live and where can your business reach? How many similar options are already available to consumers? What do potential customers pay for these alternatives? The methods you can use to do direct research are surveys, questionnaires, focus groups and in-depth interviews.

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Competitive Landscape Analysis (Part 2)

Evaluate your position in the market and familiarize how you compare against competitors to do more of the right things. Use this Competitive Landscap...

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