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Market research will provide you with the relevant data to help solve or avoid marketing problems. Conducting thorough market research is the foundation of any successful business. The most prevalent and practical research method for a gift basket company is the focus group or survey. (See section d. later in this chapter.)

First you must research your competition. Any gift basket company that is doing serious business will be advertised in the Yellow Pages. Phone each company and keep notes on how the phone was answered and how your request for information was handled. Ask to have all printed brochures and price lists mailed to you. Choose the two or three companies that seem to be your biggest competition and order a gift basket from each one. Observe the quality and service that they are able to provide; this process will give you a good indication of what you are up against. Keep notes on all aspects of the transaction and use this information to formalize your own sales and marketing strategy.

Competition is not a deterrent to going into business. It is wise to know who your competitors are and where they are located so that you are on equal footing. Knowing your competition allows you to learn from them. What do they do right? What do they do wrong? How will you be better?

Market research helps confirm market size, minimize financial risk, save time, and point out where and how to sell your product or service. Researching your market can also uncover market segments that you may not have originally considered.

Not taking the time to do some basic market research can permanently forestall success. Obtain accurate demographics (population statistics categorized by age, income, sex, education, family size, etc.) as a credible base for your business plan.

Your market is that segment of the population that potentially may buy your product or service. Finding out who they are and where they are is what market research is all about. Market research is simply the process of collecting and analyzing information. The information gives you the basis for decision making. It will help you pinpoint advertising, develop a marketing plan, and sell your product.

Market research seeks out two distinct types of data:

(a) primary data collected for the first time by personal visits, telephone calls, or questionnaires, and

(b) secondary data from previously published material, such as government statistics and industry reports.

The steps in basic market research are discussed here.