Market analysis and operations research discussions can involve very complex analytic procedures that may be beyond the reach of small business managers. With this book and software, the complexity of properly conducting market research and documenting accounts in relation to customer feedback is handled by Auditmetrics AI assisted software.

The AI assistance starts with the manager to first decide on a margin of error and the software then guides the process through to the finish.

Separate statistical software is not necessary. Excel offers a wide range of statistical functions. The Excel Analysis Toolpak is an add-on that provides the statistical analytic tools that are used in this book. Microsoft Excel Professional and the Windows operating system are the only requirements with the MS Access database management system recommended.

According to the US SBA, a small business is 500 employees or less. Businesses with approximately 30 employees will probably be small enough not to need AI assisted random samples but can go directly to the analytics covered in the book.

The Book is Divided Into Three Main Parts:

Part I – Market Research Principles –Market research is concerned specifically with markets and distribution. It is a very broad discipline to master, but for the manager of a small business, a practical approach is to concentrate on local markets where the business draws customers. Covered is a way of getting an overview of consumers’ wants, needs, and beliefs and how a product could be marketed. Also discussed is how to survey customers using a simple method of quantifying customer attitudes using the Likert scale.

Part II – Market Research Using Account Data – This Section is a discussion of using one of the most powerful tools in forecasting future economic activity and market potential. It begins by covering the core principles of regression, starting with bivariate modeling and progressing to multiple and non-linear regression. The building and interpretation of regression output are accomplished by using MS Excel built-in functions. Though Excel can do all the regression calculations and outputs covered in this section, it is helpful to review the underlying statistical methodology covered in Appendix I, especially the section covering regression.

Part III – Analytics With Consumer Input – This section of the book focuses on understanding the customer, the company, and the competition. Included is a case study linking accounting data with Likert scales as a simple way of measuring what customers want from their products and services. There are several important factors that are covered including customers and competition, rating of price and image of the product and/or service, product usage, and undiagnosed product problems.

Much of the book’s discussion involves quantitative measurements structured with a small business focus. AI assisted random sampling offers an easy-to-use business monitoring tool. Many business managers may ask, Is it worth it? The quantitative methods will expand control of day-to-day operations.

Also when seeking funding for current operations and new business plans the quantitative methods produced follow both AICPA and IRS standards at a level of statistical sophistication that usually is available only to large corporations who have the funding to hire in-house statisticians.