{"id":4584,"date":"2016-04-04T10:47:36","date_gmt":"2016-04-04T15:47:36","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-operations\/marketing-research.html"},"modified":"2024-06-06T03:26:46","modified_gmt":"2024-06-06T08:26:46","slug":"marketing-research","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-operations\/marketing-research.html","title":{"rendered":"Marketing Research"},"content":{"rendered":"\n
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Marketing Research<\/h1>\n
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\n By Susan Buckner, J.D.<\/a> | Legally reviewed by Aviana Cooper, Esq.<\/a>\n | Last updated\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Whether you have a new business, a new product, or a new way of doing things, you need to know whether people want your new idea before you try to sell it to the public. Market research reveals what your potential customers think before selling a product.<\/p>\r\n

Market research should be a part of your business plan. According to the U.S. Bureau of Labor Statistics<\/a>, half of all startup businesses fail within the first five years. The reasons are simple. Either the business owner didn’t do enough research into their market, or they didn’t develop a good marketing plan.<\/p>\r\n

Before jumping head-first into the marketing research world, take a moment to review this discussion of the types of market research and how to do them.<\/p>\r\n

What Is Market Research?<\/h2>\r\n

Market research is the method small business owners use to develop sound marketing strategies as part of their overall business plan. Research uncovers your core demographics and focuses your marketing on the customers most likely to buy your product or service.<\/p>\r\n

There are two basic types of market research:<\/p>\r\n