The Significance of Market Research to Small Business Owners

Market research is the process of gathering and analyzing information about customer groups, competitors, your industry and the general business environment. Whether a company is small or large, market research plays a vital role in decisions about what products or services to offer and how to sell them. A small business owner must make gathering market information an ongoing process and a high priority. He then can be more confident in the decisions he makes, knowing they were based on solid data rather than guesswork or hunches.