This next segment looks at putting together the actual market research study.
A market research study is not only useful for budding entrepreneurs to determine the feasability of their business within a certain geographical area. As a franchise owner, you should conduct an MRS (short for market research study) each and every time you plan to introduce a new product or service or position certain products and services to gauge customer reaction and sales response.
The most important function of an MRS is to help you avoid making costly mistakes. There is no better test than to have real people give you real feedback on your ideas. You may think you have the best new idea in the world, yet your MRS may tell you something else. Imagine having placed an order for 10,000 units of a non-organic lawn fertilizer for your landscaping business only to realize later that your target market is environmentally conscious – they wanted organic!
An MRS should be fun, simple and get your critics engaged and excited in whatever it is you are researching. Part B will break down the actual components of the MRS.
