List Market Research Information Sources that are most reliable from your opinion. Explain your choice.
There are different sources that can be consulted while conducting the market research. Some of these sources are internal and other are external. Different organizations have different orientations when it comes to market research. Some organizations rely on the internal sources while others may use both internal and external sources while conducting a market research (Day, 1994). In my opinion both internal and external sources should be used in a market research.
The internal sources are the most reliable in my opinion. These sources include the organizations internal database that consists all of the data that has been saved from previous projects and other experiences. This data could be the business balance sheets and budgeting documents that have the information about the financial expenditure on different assets and equipment. It could also include the information about different dealers and suppliers who are in current contact or have been dealt with in the past. The information from internal resources is easily available as it is the property of the organization. The fact that this is the property of the organization also makes it reliable. This information is available with no extra cost as compared to external market research that may come with a cost.
Information from internal sources may not always be sufficient for the existing needs while applying to a government contract. Therefore, external sources can be utilized. These sources may include different dealers and suppliers who master in the equipment that are required. Government publications are also a reliable sources that include census reports and other important data. Different trade association also publish their data that can be consulted. Internet research can also be helpful but it requires a careful screening as all the information available on the internet may not be reliable and true.