Due to neglect of market research, many small business owners lack key elements to successfully run a business. Many people tend to view market research as "a necessarily complex activity consisting of computers, models, and statistical gymnastics" (D'Amico 41). Small businesses are likely to lose revenue/profit due to poor market research. The ability to apply such research to a small business can improve many of the key elements that constitute a healthy business. Practicing market research in small businesses can help business owners develop products that are different from their competitors, understand the market, and practice targeted marketing techniques. This will also help provide superior services to customers and keep the business running for years to come. Problem/Background: According to the U.S. Small Business Administration, “seven out of 10 new businesses survive at least 2 years, half at least 5 years, a third at least 10 years, and a quarter in business 15 years or more” ( 1). Between 2005 and 2009, there were more closures than creations of small businesses. Small businesses employ nearly half of private sector employees in the United States. The private sector plays an important role in the economy in terms of growth and development. Michael D'Amico defines market research as "a broad range of activities that encompass the collection and analysis of facts relevant to problems arising in the transfer and sale of goods and services" (41). Business owners tend to avoid any effort that might involve market research. Many people think that market research is too expensive or not worth it, when in reality it is. Mark... middle of paper... and thus, a marketing decision is made. Although this may seem like a difficult process, it all benefits the success of small businesses in their markets. Bottom Line: Small business owners across the United States struggle every year to keep their businesses running effectively and efficiently. These companies may tend to fail when it comes to conducting market research. Very often, companies sell products that have already been sold. Starbucks is doing what no other company in its market has thought to do; they started selling beer and wine to their customers after 4 p.m. With this marketing strategy implemented, Starbucks is expected to increase its sales and profits and welcome a new variety of customers. This is just one example of how small businesses can apply the same changes through market research in hopes of operating successfully for years to come..