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Develop a Winning Market Research Strategy for Your Franchise

By Don Daszkowski, About.com

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Assembling the Market Research Study - Part B

The Research Sample: these are the people who will become the participants or critics to the objective of your study. It is important to select the correct sample, meaning the right mix of people who will accurately provide a solid and un-biased opinion. In other words, if the objective of the study is to determine if your gift idea franchise should start promoting into the corporate world, do not use a sample consisting of factory workers, librarians or school teachers.

The Objective: this outlines the purpose of the study and must be very clear and concise. Remember, an MRS is intended to reflect the opinions of a specific audience – even if that audience is a group of 10-year-olds! You should provide a booklet to each sample (people in your study) with an introduction to your study, including who you are, what you do and what you hope to accomplish with the results of the study.

The Results: depending on the size of your sample and the length of your objective details, the results of your MRS can vary in scope and mathematical complexity. What you want to achieve here are results that spell out true percentages. For example, 29% of one sample believed that gift baskets would be an excellent product to sell at flea markets, yet only 4% of these people actually attended flea markets.

The key to a successful MRS will be the questions asked to your sample (objective details) because the answers will tell you what actions you should take following the study.

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