Local Entrepreneurs Ushered Into Market Potentials

Bandar Seri Begawan – Local business entrepreneurs and organizations, be it large or small, are ushered into existing market potentials through market analysis and research.

A half-day seminar titled 'Market research in growing your business' was organized by the Promotion and Entrepreneurial Development Department of the Ministry of Industry and Primary Resources (MIPR) and Dua-Dua Sendirian Berhad.

MIPR has come up with a four-point strategic plan for the Small and Medium Scale Enterprises (SMEs).

They are the development of the entrepreneurs' capability, providence of incentives and financial support for capital and research, quality achievement and accreditation of products, and back-up for products marketing.

Awang Haji Abd Rahman Bin Haji Chuchu, Director of the Promotion and Entrepreneurial Development Department, said the development of technology has enhanced the innovation and creativity of knowledge, making it one of the most important premises to create opportunities in this new economic environment.

“Maintaining a business or an organization's competitiveness requires intensive research and market analysis in various fields such as the product, the packaging and the marketing, just to name a few,” he said.

He said by identifying the fundamental implications, key conclusions can be obtained to assist in greater growth or productivity.

An international organization, Euromonitor consultancy, presented its methodology which is applied worldwide such as their desk research, company research, store checks and forecasting.

The types and users of market research and their importance was also explained during the seminar. -- Courtesy of Radio Television Brunei 

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