Top 5 new business information from market
- July 26, 2015
There is no doubt that information is a fundamental element to good business decisions. Currently there is enough business information that individuals and companies might use to solve marketing problems they encounter. This information can be changed to marketing tips that is capable of helping anyone make more sales than ever. However, this information is important to start-ups and should be a basic component of any entrepreneur’s business plan. Needless to say, there is a great deal of rich business information available on the internet. This information is good and ideal in providing a starting point for any business research. These sources of information are divided into two, namely, internal and external source.
a) Primary sources of information
I. Sales representatives
Primary sources refer to information collected from origin sources. Sales representatives fit best in this category because they provide firsthand information. They are responsible for promotion and sales of the products by the manufacturer. For instance, the Tobbox inflatables sales department is responsible for its sales and promotion activity. The sale department is a good source of information relating to tastes, preferences and buying habits of consumers of Tobbox inflatable products. This is because they have direct links with the consumer and therefore understand them well.
Dealers are another source of primary data, especially when it comes to information related to the demand of the product from retailers. This valuable information is vital in the understanding of the marketing policies of competitors, which can help business position themselves well in the market. A business that position itself well in the market is likely to perform well or even better as the competitor.
Ignoring consumers’ sets of information can prove to be disastrous to any business. This is because consumers are the ones in contact with the products as a result; they understand them better than any other person does. Therefore, understanding of the products makes them a rich source of information for both the manufacturer, marketers and everybody else. Such information can be collected from a representative sample of consumers. This information can be bordering price, quality and use of the product. This source of information has proved to be very reliable since it establishes a direct link between the producer and the consumer.
b) Secondary information
Secondary information is data that have already been published. This already existing information or set of data is in most cases published by individuals and institutions. This data can be in the form of
IV. Periodicals and Newspapers
Business magazines and journals contain information that is very useful in marketing. Such data may include business trends and market reports.
V. Published Surveys of Market
Published surveys of the market provide usefully secondary information that is very important for conducting marketing research. This information can be found from business houses or independent research organizations. This information usually pertains to particular lines of products. Trade associations are another valuable source of providing secondary information. Trade Associations publish useful information related to trade and other important aspects of the economy. This information can be useful to any business.