1. How to Perform Market Research
Chapter 6.2, 6.3

2. Five Steps of Primary Market Research
Define the question
Select a Research Method
Collect Data
Analyze Data
Draw Conclusions

3. Identify Your Competition
Direct Competition: is the competition from a business that makes most of its money selling the same or similar products or services as another business.
Indirect Competition: is the competition from a business that makes only a small amount of money selling the same or similar products or services as another business.

4. Analyze the Competition
You need to understand your competition in order to get customers to buy from your business.
Price
Location
Facility
Strengths
Weaknesses
Strategy

5. Maintain Customer Loyalty
Businesses that ignore customers concerns will not stay in business long.
Ways to maintain customer loyalty:
superior service
convenient hours
return policies
credit cards
frequent buyer programs