Another thoughtful answer to a question many have asked: How do we approach market research in an emerging market like Jamaica?
We found this insightful, yet simple answer on Quora:
“Market research is a very important part of a business and when you are entering into an emerging market it is of utmost importance that you have put enough efforts in the market research.
You can avail the secondary data through internet, periodicals, research papers, group literature, trade associations, etc. All of these data you can avail at a very minimal expenditure.
For the primary data you really need to spend the money. Money spent on consumer market research depend upon type of customer segment you want to deal with, where your customers are located and type of business (B2B or B2C).
For example if your customer segment comprises of older people it is evident that you can not float a survey to collect data on internet as they are not very familiar with filling surveys online; so you have to go out and complete the survey manually. Hence, that will increase your expenditure. Similarly, if you are dealing in a B2B business money and efforts spend in market research will be less as compared to a B2C business.
Also, just don’t put too much efforts and money in market research, you should have adequate data with you and with that data enter into market. Don’t just miss your time in doing more and more research (I know that’s too bookish but it’s true).”
See the original question and answer here
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