Market Research Importance
Types of Market Research
Most of the companies gather information about their services using focus groups …show more content…
Researches are of two types - primary and secondary. The primary refers to the data you generate yourself about the services and products offered by you, to check out the reaction of the potential market, whereas the secondary points towards the information that already exists. It can be anything such as census, demographic data or the industry trends. Other secondary sources include internet, trade associations, published articles and financial data of the companies.
Why is Market Research important?
A few of the many reasons why market research is important for businesses:
It helps in Better Communication with Your Customers
Consumers always have a higher hand when it comes to doing business. In order to have them connected closely to your business, you must communicate clearly. Try to meet or exceed their expectations consistently to stay in their good books. Show them you care for them by communicating your concern and accepting their …show more content…
The Five Basic Marketing Objectives
1. Market research, as a business tool, can be used by a wide array of users. Take a look at a couple of marketing objectives that is followed by a majority of successful businesses.
2. Brand Positioning - When we say brand positioning we mean, by using market research your business can get to know its position in the market,, and where it stands as compared to its competitors.
3. Understanding the Target Market - Market research will help you to spot the right target and the best market for your services. This information will help you to create successful marketing campaigns and drive the consumers to make happy-buy decisions.
Isn 't that what your business is all about - great value and great sales?
4. Enhanced Communication and Influential Innovation - The message communicated to the audience must fit into their conviction. Market research helps all innovative businesses to focus on the target, test concepts and create better opportunities in the market. It also helps in identifying the desires, requirements and needs of the consumers in a better