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Market Research Checklist

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Use this list to identify that you have completed the market research section of your Marketing Plan

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Work out what you need to know and whether you want an in-depth understanding or just simple numerical results.

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Decide if you have the expertise to carry out the research or need to use an external agency, or freelance researcher.

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Make sure your research is being done with a clear brief, including objectives, deadlines and any important background information.

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Decide how soon you want the information and how accurate it must be. Don't rely on old research.

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Focus on research which will help you make better decisions.

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Make use of easily accessed information from your own records, publications the Internet and employee feedback.

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Clarify what you need to know and plan your objectives.

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Ask your customers who they see as your competition and why they use you.

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If necessary, invest in surveys, observation and experiments to get a better understanding.

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Choose the research methods which are most cost effective.

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Analyse the research results carefully and objectively.

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Be prepared to carry out further research if the information you have is insufficient or out of date.

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Use your research to make decisions and plan strategy.  Don't base important decisions on in adequate research, and definitely don't ignore research because it doesn't line up with what you thought, question it and if necessary carry out further research to check it out.

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Make sure you regularly update your understanding of customers and market conditions.

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