Small business is one of the most important sectors of the economy. What is the real benefit of SMEs to the economy? Their production cycle is usually less than that of large companies, so they are characterized by the introduction of innovations and advanced technologies. In addition, SMEs contribute to economic diversification.
An effective business development tool is a market research. They are aimed at identifying the actual needs on the market, which helps to determine what products are demanded at the present time. It stimulates sales and, as a consequence, the financial impact to the economy. Market research can also include the following topics:
- FEA (foreign trade activities) analysis. It is to study the efficiency of export and import activities. The research is about indicators calculation: total profit, profitability, the economic effect of exports and imports, costs and so on.
- Analysis of foreign economic relations. It is important for small and medium business, as it allows establishing the effectiveness of economic, commercial, political, informational relationships that provide the exchange of goods, various forms of economic, scientific-technical and other forms of international cooperation.