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It is more important to conduct Domestic Market Research during the pandemic period 15.10.20

It is important to conduct market research in terms of business establishment and development, as well as development of new products and services. In uncertain times such as the coronavirus pandemic (COVID-19) period, market research on Business is particularly important. Thus, in conditions of the challenges and economic constraints posed by the pandemic, market research insures entrepreneurs from potential risks and additional costs by analyzing the current state of the market for the development of new products and services.

The Small and Medium Business Development Agency of the Republic of Azerbaijan (SMBDA) once again highlights the importance of Domestic Market Research in business establishment and development, developing new products and services, and recommends entrepreneurs to make more extensive use of Domestic Market Research during the pandemic period.

It should be noted that since 2019, the State has been providing financial and information support to micro-, small and medium-sized enterprises for conducting Domestic Market Research. Pursuant to the Presidential Decree dated May 29, 2019, on approval of the "Rules of state support for domestic market research to stimulate competitive production of/by/among micro-, small and medium-sized enterprises", 80% of the cost of each Domestic Market Research conducted at the request of a micro enterprise, and 50% of the cost of research carried out at the request of a small enterprise are covered by the State. Medium business entities can benefit from free training sessions and workshops, and information support within the framework of this support mechanism. In general, the amount of support paid to SMBs for each Domestic Market Research is up to 20,000 AZN. To conduct a market research, entrepreneurs can apply individually or in groups.

Support measures for conducting Domestic Market Research are organized by SMBDA. Entrepreneurs can apply directly by filling the relevant application form on the SMBDA website for conducting Domestic Market Research or via info@smb.gov.az e-mail address. For more information, please call 131 Call Center and (012) 404 04 01.