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Why Market Research is Important For All Industries

When any organisation starts a new business firstly they did the research process for related market area to know the scope for business. Market research is nothing but the process of collecting the information or study about the potential market.

In market research researcher play a very important role. It helps the organisation to identify the need, size, competitors in market. Market research provides important and useful information to organisation which helps for future planning. It also helps in taking right decisions.

Marketing researcher provides information to organisation related to scope for the business expansion. As per the organisation rules and regulations market research process is done. But there is need of proper planning for future growth of business and objectives are cleared.

For that researcher have all qualities and knowledge about market structure. With the help of these he can done the research in systematic manner then only organisation can move forward for next plan.

Research can measurably focuses on market structure in that they identify the root problems in market and next is to solve that problem with the use of new innovative technology. For market research they can also use the primary and secondary data for that they can easily find out the potential customers and target market.

Market research can be done through systematic process in which various steps are involved they are as follows

  1. Define the problem – : The market research process begins with the defining problem faced by the company. Clear definition of the problem helps the researcher in all subsequent research.
  2. Design the research -: A research design is a master plan specifying the procedure for collecting and analysing the needed information.
  3. Design the sample-: sampling involves procedures that use a small number of items or parts of the population to make conclusion related to population.
  4. Data collection-: the collection of data relates to the gathering of facts to be used in solving the problem. Therefore data collection is important part in research process.
  5. Analyse the data-: Analysis of data represents the application of logic to the understanding of data collected about the subject.
  6. Report writing-: the final step in the research process is that of interpreting the information and drawing the conclusion for use in managerial decision.

 

When the organisation does the research process the mainly think about the market size, potential customers, needs, other competitors and location. All these factors do affect on business now a day’s market researcher are more involved in decision making process. It helps to gather relevant information about market or about product and service. As in marketing four P`s are very essential that is product, price, place, promotion. As well as market research helps for the future prospective. There are many methods to gather the information about recent market trends. Different organisation publish their annual reports on websites with the help of this researcher can compare and analyse the market structure .for successful market research researcher can go through  this important steps which will helpful for accurate managerial decisions.

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