Market research is to find something new; to explore new information; to rediscover something and find new knowledge. If an organization wants to sustain in today’s competitive world, it has to figure out and trap the market, where they can prove themselves and gain maximum profit. Market research helps to identify the same. It helps to identify:
- What the customers are looking for
- Who are the exciting customers and what strategy has to be applied to make our product the best one.
- It helps to identify if the strategy used is the correct strategy or no.
- Helps to identify the customers exact preference and can provide with the same.
- It helps to identify the real time customers
Importance of Market Research
Market research helps to identify where the items can be sold. It helps to identify the market where the organization can generate maximum revenue. It helps to identify where the cost incurs and as a result the organization can make necessary changes. Market research tells the best way to approach a market. It helps to know which type of origination can be established; whether an small scale industry or a large scale industry. It also helps to identify what type of product are preferred in the market and how the organization can come up with the idea of new product development. It also helps to identify the target audience and the target market. Market research helps to have better communication with the customers. It helps identify the customer’s likes and dislikes, their needs and preferences and what the customers are looking for. Market research helps to identify the risk and its also helps to make strategy that can minimize the same.
Types of Market Research
Market research is basically of two types: primary research and secondary research.
Primary Research: Primary research is the data generated by the researcher and the information found by him is for the first time. Different techniques like survey method, questionnaire filling, observation, focus group study etc are used.
Secondary Research:Secondary data are the information that already exists. It can be anything such as census, demographic data or the industry trends. They also include internet, trade associations, published articles and financial data of the companies.
Why market research is essential before commencing marketing activities?
Market research has become a quintessential factor before commencing a product into the market. Market research helps to:
- Understand the target customers.
- It helps to set specific target which the organization has to achieve.
- It helps to formulate effective strategies.
- It helps the organization for its business expansion.
- It also helps to identify new business opportunities.
Thus, these activities can be carried out only through proper research and by conducting a detailed analyzed study.
Impact of internet on market research
Internet has paved market research by providing large number of information. It provides the information about the customers, competitors, the target audience where they can trap. Modern technologies like social media marketing help the organization to connect to the customers and market their products and services. Organization can also check up the competitors plan and strategies and as a result the organization can set their plans and strategies to be in par with the competitors. It also helps in advertising and promotion of their products. Internet helps in online research survey. Amazon, search engines like google, Wikipedia, contact through emails helps for market research study.
Thus, Market research can be compared with the ‘sailor’ for a ship, where the sailor directs the exact path for the ship and helps to reach the final destination……