Market research
Market research is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers. This method allows organizations or businesses to discover their target market, collect and document opinions and make informed decisions. Market research can be conducted directly by organizations or companies. Or can be outsourced to agencies which have expertise in this process. The process of market research can be done through deploying surveys. As well, interacting with a group of people also known as sample, conducting interviews and other similar processes.
Do you know why your customers don’t buy your products? Or maybe start a marketing campaign that interests you, but you need to know what your customers want. Or you may be introducing a new product. But first you need to know certain details, and only your consumers can help you get this information. In all these cases, it is necessary to collect information. For this and many other cases, you need to do market research.
Why market research?
Market research helps a company. It helps to know the intentions of consumers to buy. Or gives an opinion about the growth of the market to which the company belongs. Through research, a company can also discover valuable information that will help it estimate the price of a product or service. At the same time, it will help find a balance point that benefits the company and consumers.
There are many benefits to doing market research properly. And to do so you need to gather information and use a variety of tools to understand the results. One of the most commonly used tools is online surveys, as they have the advantage of being able to request more detailed information due to the many formats they support and are cheaper than traditional surveys or other collection systems.
Objectives of market research
Market research has 3 different purposes.
- Administrative: Contribute to the development of the company or business through proper planning, organization and control of both material and human resources to meet the specific needs of the market in a timely manner.
- Social: Satisfy the customer’s special needs through the required goods or services, ie meet the customer’s needs and desires when the product or service is used.
- Economic: Determine the economic degree of success or failure that a company can achieve when introducing a new product or service to know exactly what action to take when it is new or unsuccessful in the market.
Benefits of good market research
- There is more and better information to be able to make the right decisions that encourage the company to grow and make it more efficient.
- Provides real and accurate information to help solve problems that may arise in the future.
- You will know the size of the market to be covered when selling a product or service.
- Identify the right sales system according to market demand, so that marketing is more effective.
- It helps to know how customers’ preferences (and tastes) have changed so that the company can provide preferences, purchasing habits, and revenue levels.
- In addition to creating information that helps consumers know how they perceive us.
- By researching products, you will be able to determine which ones will be produced or sold based on the specific needs of consumers.
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