Market research allows entrepreneurs to answer questions such as: Who are my customers and potential customers? To which age group(s) do they belong? What is their income level? Where do they live? Do they rent or own their own homes? What features are they looking for in the products or services I sell? How often do they buy these products or services? What models, styles, colors, or flavors do they prefer? What radio stations do they listen to? Which Web sites do they visit? What factors are most important to their buying decisions? How do the strengths of my product or service serve their needs and wants? What hours do they prefer to shop? How do they perceive my business? Which advertising media are most likely to reach them? How do customers perceive my business versus competitors? This information is an integral part of developing an effective marketing plan.When marketing its goods and services, a small company must avoid mistakes because there is little margin for error when funds are scarce and budgets are tight. Small businesses simply can- not afford to miss their target markets, and market research can help them zero in on the bull’s eye. This usually requires conducting market research up front, before launching a company. One of the worst—and most common—mistakes entrepreneurs make is assuming that a market exists for their products or services. The time to find out whether customers are likely to buy a product or a service is before investing thousands of dollars to launch it! Market research can tell entre- preneurs whether a sufficient customer base exists and how likely those customers are to buy their products and services.