Neglecting to conduct good market research is hurting SMEs in Cambodia
A large majority of Cambodian small and medium-sized enterprises are operating without conducting good market research, say experts in the field, and relying too heavily on informal information and networks. As a result, they are growing slowly and in some cases, falling behind their competitors. Market research involves gathering information about markets and customers. Laurent Notin, general manager of Indochina Research, says that good research helps organizations make smart decisions and reduce risks. Market research looks at such things as prices, supply and demand, and market segmentation and trends. While investigating these areas before diving into a market, or starting with a completely new one, is sound strategy for any business owner, in Cambodia it is often overlooked or gimply ignored. According to market researchers BDlink, 80 percent of Cambodian businesses are SMEs, and a large number of them have never conducted any market research. …
