Press the PLAY BUTTON on the right to hear an audio performance of this webpage.  Else click the link below to download the MP3 audio file.

Click to Download MP3 Audio File          (AUDIO HELP)

Now that you have learned the basics of 'why' research is important and 'how' it should be done: the final question is 'what' exactly you need to know.

There are four research areas vital to the survival and success of any business – Four C's of Collecting Marketing Research: (1) Your Customers, (2) Your Competitors, (3) Your Company, and (4) Your Conditions:

(1) Your Customers »  Utmost, get to know your customers.  If you don't know your customers – you don't know anything!  Learn who they are, where they live and what they live for.  What they buy, when, where, how, how much, how often, and most importantly 'why' they choose one option over another.

(2) Your Competitors »  Investigate your rivals to determine how each is positioned in the market, their strengths, their weaknesses, their vulnerabilities, and why some people choose them and why some do not.

(3) Your Company »  Take an honest, objective look at yourself to discover your own advantages and deficiencies.  Is there potentially something you can offer better than any other company that a particular group of people (your target market) desire?  Is there any reason people might not buy from you that you need to effectively deal with, such as quality, price, selection, service, awareness, credibility, etc.

(4) Your Conditions »  Research any environmental factors that could affect your business for better or for worse: such as social, cultural, political, governmental, regulatory, economic, technological, etc.  You may unearth obstacles that need to be overcome or opportunities you can seize.

Capitalizing On Your Research With Strategy:

Once you have candid, correct, and complete information in all four of these areas, then you have all the knowledge power needed to proceed to the next step - capitalizing on it by formulating a formidable marketing strategy for your business.

Marketing Research Footnotes:  1 “Knowledge is Power” Source:
Sir Francis Bacon, Religious Meditations, Of Heresies (1597)
2 Story Used With Permission by NordexiInternationaliCorporation, Mailing Address #1017, 246 Stewart Green SW, Calgary, Alberta, Canada, T3H 3C8, (403) 240-1001
3 "it's hard to see the picture when you're inside the frame" is a well known adage not attributed to any specific person or institution