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Market research

February 23, 2019

What is Market research?

Market research refers to the collection of relevant information about the business environment and analysis of data to come up with an actionable plan that would result in the improvement of the business. The business environment may include things like the consumers, competitors, legal, economic or social aspect and so on.

 

Purpose of market research

Market research has never been more important as all markets around the world are turning quite competitive in all aspects. With out the proper market research it would be difficult for any business to compete effectively in the market.

 

Whatever level you business is in the market research is the weapon to use in the war of completion in any industry

 

Here are a few important purposes of market research

Establish a new business

Market research helps foresee positive and negative outcomes of establishing a new business in any industry. Hence it is essential to conduct sufficient market research prior to starting a new business or creating a new business plan. 

 

Product testing

Prior to launching a new product line or service it is important to conduct market research. If the results of the market research does not show there is enough demand for the product or services the business will prevent itself from launching the product.

 

Monitoring the market environment

Whether it is the legal, social, economic or technological environment, any business needs to asses and research all aspects prior to making decisions that would alter the outcomes for the business

 

Asses market competition

Any business needs to understand what its rivals are doing with their products, prices or communication strategy to maximize their market share. This knowledge can be obtained by conducting the relevant market research

 

Strategy development

Prior to developing strategies for pricing, marketing or any other aspects of the business, it is vital to obtain enough information to feed the successful construction of the strategy

 

Improving your business

Every business needs to go back and asses previous failures and success to improve what have been done wrong and to maintain what has been done right.    

 

If you need to conduct a professional market research for any aspect of your business feel free to contact out marketing professionals at Elby Marketing today

 

Reference 

 

Diaz Ruiz C, Holmlund M. Actionable marketing knowledge: A close reading of representation, knowledge and action in market research. Industrial Marketing Management. 2017;66:172-180. doi:10.1016/j.indmarman.2017.08.005.

 

Marketing research/customer behavior. Journal of Business & Industrial Marketing. 1995;10(4):65. Accessed February 11, 2019.

 

Michitti M. Market research guides public relations strategy. Marketing News. 1985;19(8):6.  Accessed February 11, 2019.

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