Using the Internet to Conduct Market Research for A Small Business

The prolific growth of the Internet and Web2.0 has been a boon for market researchers in that it has simplified the process of collecting and generating quality market data.

To run a successful small business these days, conducting effective market research is a must. Market research is a dynamic process focused on understanding the relationship between consumers and a particular product or company. It involves the systematic collection and analysis of consumer and economic data including economic reports and industry trends as well as consumer attitudes and behaviors.

Armed with this information, businesses can adjust their policies and strategies so that they are in line with current market realities. Here are a few ways, small business owners can use the Internet to conduct market research:

Researching “Secondary” Data
Secondary data refers to any information about the market or the economy that has already been collected. It is called secondary because you are not directly interacting with your current or potential base market. Exa


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An insurer may seek indemnification from a broker who sells the insurer’s product, but the broker may not be entitled to indemnification from the insurer.

Application by broker for an order declaring insurer liable to indemnify or make contribution to him for the settlement paid to insured plaintiffs was dismissed. The law of agency precluded the relief the broker sought because the insurer was entitled to indemnity from the agent for his negligence in handling the insured plaintiffs’ policy. As a negligent agent, the broker was not entitled to indemnity from his principal.

Burndred v. Topley and Sanders Investments Ltd., [2009] A.J. No. 1495, September 23, 2009, Alberta Court of Queens Bench, E.A. Hughes J.

Insurance broker brought an application for an order declaring that the insurance company he worked for was liable to indemnify him for a settlement reached with insureds who alleged that the broker negligently handled their policy application.

The broker had an Agency Agreement (the “Agreement”) with the insurer which allowed him to solicit applications and issue binders and policies according with the Agreement and the insurer’s instructions. The agr


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Greenspan: No Longer a Willing Crisis Fall Guy

Early on, it seemed that Alan Greenspan, the former chairman of the Federal Reserve, was willing at least in part to take the heat for the financial crisis. He didn’t regulate banks more because he assumed bankers would act in their and their firm’s best long-term interest and not just do what would provide them the best shot at an eight figure bonus that year. My bad, said Greenspan. We agreed that Greenspan the Maestro had royally violated the canine on financial regulation and included him on our list of who’s to blame for the financial crisis.

But, it appears, Greenspan no longer wants to appear on lists like ours.

He has recently been backing away from taking credit for the financial crisis. He recently wrote a Brookings paper blaming low capital requirements (something not set by the Fed) and not regulation or monetary policy for the financial crisis. He also said he, too, warned people that a housing bubble might be forming. (Krugman has a good takedown of that excuse.)

On Wednesday morning testifying in front of the Financial Crisis Inquiry Commission Greenspan stepped up his don’t blame me response to the financial crisis. T


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Politicians love SMEs (when there’s an election)

Over the coming weeks tax and spending will become the battleground for the main political parties, as Gordon Brown finally let slip what he called the ‘worst kept secret in politics,’ the date of the election.

In the run up to 6 May, of particular importance for businesses will be the planned increase in National Insurance (NI) contributions, which appears to have moved to the top of the agenda now the Conservatives have promised to reverse the decision.

But it’s hard to know what to believe with claims and counterclaims about fiscal credibility coming in thick and fast (Alistair Darling has said George Osborne’s plans to roll back the increases are ‘unbankable’).

Wit


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A driver may leave the scene of a single vehicle accident and not report the accident to his insurer, and still be entitled to coverage under his automobile insurance

Appeal from a provincial court decision finding that the insured had a right of indemnification against I.C.B.C. for the cost of repairing damage to its motor-vehicle was dismissed.  The provincial court judge did not err in finding that s. 68(1) of the Insurance( Motor Vehicle) Act (the “Act”) applied only to multi-car accidents. Further, even if the judge had erred in this regard, I.C.B.C. failed to prove it was prejudiced by the alleged breach, as is required by s. 136(b) of the Revised Regulation under the Act.

Insurance Corp of British Columbia v. Pariah Productions Inc., [2010] B.C.J. No. 206, Febrtuary 5, 2010, British Columbia Supreme Court, A.H. Silverman, J.

Pariah Production Inc. (Pariah) brought an action against I.C.B.C. for indemnity for the cost of repairing damage to its motor-vehicle caused when Pariah’s principal, Mr. Loree, drove into a wall while trying to enter a Wendy’s drive-through. Immediately after the accident Mr. Loree di


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