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Marketing research insures businesses against risks 23.09.21

To build a successful new or expand existing business, as well as create new products and services, it is very important to study the demand in the appropriate area, the customer base, competitors, retail chains, and other similar aspects. Marketing research in this area is considered an important source of information.

According to "Report", marketing research also reduces the risks of entrepreneurs, helps them to build and expand activities in the right direction. Marketing research is especially important during uncertain periods such as the Coronavirus (COVID-19) pandemic. Thus, in the difficult conditions of economic restrictions created by the pandemic, marketing research ensures an entrepreneur against possible risks and additional costs, having analyzed the current market situation for new products and services.

Currently, in our country, marketing research is performed by entrepreneurs themselves and companies specializing in this area. Marketing research by professional consulting companies requires certain costs. For this reason, entrepreneurs, especially micro and small businesses, often refrain from marketing research.

The state provides support in studying the domestic market for up to AZN 20,000

According to the Decree of the President of the Republic of Azerbaijan dated May 29, 2019, to stimulate the competitive activity of micro, small, and medium businesses, they are provided with state support in the domestic market research. This support is provided by the Small and Medium Business Development Agency (SMBDA). The Agency provides informational and financial support to micro, small, and medium businesses (SMBs) in studying the domestic market. The state covers 80 and 50 % of the costs for each internal market research performed at the request of micro and small business entities, respectively. Medium businesses can take advantage of free training, seminars, and informational support as part of this support mechanism. In general, the support paid to SMBs for each domestic market research is up to AZN 20,000.

How is the process implemented?

First, an entrepreneur should contact the SMBDA directly or electronically by filling in an exemplary application form for marketing research in the area of interest. A working group created in the agency will evaluate the entrepreneur's application and in the case of a positive decision, according to the Law “On public procurement”, charge the domestic market research to consulting companies specializing in the appropriate field. Marketing research can be performed by local and foreign legal entities and individuals, including universities, institutes, specialized research and analytic centers, consulting companies, and small and medium business development centers. Upon the readiness of the domestic market research, SMBDA will evaluate the report and send it to the entrepreneur. Entrepreneurs may apply for marketing research individually or in groups. Also, entrepreneurs may apply for marketing research on behalf of an association. Marketing research prepared at the entrepreneur’s request is provided to the relevant entrepreneur only.

In which areas is marketing research more often requested by entrepreneurs?

To date, 12 domestic market studies have been performed at the entrepreneurs’ requests, the results of which have been provided to business entities. Currently, consulting companies are performing 4 domestic market studies at the entrepreneurs’ requests on the SMBDA’s order.

Along with marketing research at the entrepreneurs’ requests, domestic market research is also performed at the SMBDA’s initiative. Currently, 9 domestic market studies are underway in the fields of optical glasses, paints, portable refrigerated warehouses, textile factories, household waste containers, advertising media, motor chemical services and products, personal and corporate clothing, and oil change in cars and trucks. Entrepreneurs can view and use these studies on the SMBDA website (https://smb.gov.az/en/nav/daxili-bazar-arasdirmasi).

Currently, at the Agency’s initiative, domestic market studies in other areas are underway, which will be posted on the Agency’s official website for use by entrepreneurs.

https://report.az/biznes-xeberleri/bazar-arasdirmasi-biznesi-risklerden-sigortalayir/