Tuesday, October 21, 2008

Research - Market Insight Report (MIR) Purpose & Elements

Whether a home based business, entrepreneur, small and medium enterprise desiring a national or international footprint research through Market Insight Reports (MIRs) deliver dollar purpose but know the key elements.

A business plan develops from vision to market entry and sustainment. The Internet based businesses can pull from many market reports but which ones, what should they contain and what kind of costs? Quick start at http://wrlyman.com products and services. A MIR is handy for insight for market strategies but never underestimate the value of follow up with Customized Market Reports (CMRs)...too many businesses' undertake greater risk without such resources and just like credit and cash flow needs, due diligence is vital.

MIRs provide quick market awareness of industries within chosen regions. A MIR will not contain the more detailed information of CMRs but do provide diligence for business planning and independent market report comparisons are helpful.

MIRS should, at a minimum, contain:
1. market dollar, wholesale value (what your market is worth)
2. market top competitors (what is your competition)
3. market top products/services (comparison of current or past top)
4. market distribution channels (how is market distributed...do you offer new channels)
5. market competitor pricing variances (helps you price competitively)
6. market potential, new entry (can you be competitive, must you offer better market entry incentives for success)
7. market opinions (dollar value supports market entry, competitive edge and site/location recommendations)
8. market recommendations (CMR recommendation, organizational construction and teams)