Market research is any organized effort to gather information about target markets or customers. Market research is one of the key factors used in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market research is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed.
Market research has got its wide importance in current market trends and exploring the needs of customers.
- Provide better products and offerings through in-depth market research and understanding the consumer needs.
- Explore the opportunities and gain the first mover advantage.
- Understanding reaction of customers with respect to change in the price and quality of products.
- Feedback from customers to gain an edge over competitors.
- Satisfaction level of customers
Market research could help organizations with its two strands:
- Problem Identification research
- Problem Solving research
Under problem identification comes:
– Forecasting demand
– Sales Analysis
– Market potential
– Share analysis
Under Problem Solving comes:
– Product research
– Pricing research
– Promotion research
– Segmentation research
Research helps a company to find out its potential market. gain marketing insights, find out possible improvements in existing products through customer feedback and thus gain profits and be ahead of its competitors.
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