Why Businesses Need Market Research?
Research reports are prepared after a complete study together with collection of information and evaluation, survey and analysis
. Recently market research is an important activity carried out in any company either through collaboration with research agencies or running research department in their own company.
Business of any kind requires some kind of search to cope up with difficulties and come forward with new marketing strategies. Regardless whether you want to start a new business or want to expand existing one, you require market research for many reasons.
1.To know about existing customers.
Business reports are used to know about existing customers, their likes and preferences, and their behavior while purchasing products or services. To know the reasons for consumers prefer your products over competitors products, kind of affection they have with you and so on. There can be n number of reasons for it such as quality, quantity, prices, any other features customers like in your products and services.
2.To identify and increase potential customer base.
Knowledge of existing customers may help you to retain them but if you are in need to expand business through marketing, you should search for potential customers. Potential customers are found out using market research reports which give ideas and suggestions regarding product buy. Customers using similar products can be diverted to your products, improved product knowledge may increase sales in marketplace. Slight modifications in product may attract more customers.
3.To go beyond geographic boundaries
Novel marketing strategies give global perspective for products. Residing at one location you can expand work area by using IT enabled tools such as business portals, e-marketing, e-commerce etc. which offer various marketing opportunities. You are allowed to promote and sale products online to the company working at any location worldwide.
4.To identify more business opportunities
Market statistics provided by research firms are used by management to draw out business opportunities. Market analysis helps to know about recent market trends which help to know market opportunities.
5.To set targets and effective marketing strategies.
By getting knowledge of business opportunities, company has to design various marketing strategies for business growth. It also sets sales targets. This would result in higher increased sales, ultimately increases profits and satisfaction of large number of customers.
6.To identify hurdles in expansion
If you find your strategies not executed accurately, you have to identify problems in it. Lacunas need to be filled with better planning which could be done only after studying market conditions from market research reports. If not done so, competitors may take out your chance.
7.To design solutions for them
Hurdles in the expansion of business need to be solved properly. Industry analysis directs to the problem and urges to find ways out. Only up to the mark solutions are helpful to move ahead. An in depth analysis will also suggest designs for corrective measures.
8.To be prepared for future challenges
As far as possible you should be informed about current scenarios so that it will help you presume future challenges to be faced in business. Market research give details about current trends and focuses on future demands.
As market research is not a one shot activity, it requires to be continued for long term to keep track with market trends and gain competitive advantage.
by: ksdussal
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