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The role and importance of market research

The Importance of Market Research Explained, or Why You should Research Markets

Unfortunately, many of the organizations realize the importance of market research only when they reach a point of saturation in their growth or when they are unable to grow as expected. The hurdle experienced in the process of growth or expansion of a business or while introducing a new product in the market makes organizations realize the benefits arising out of conducting market research.

A market research strategy adopted by a company enables it to achieve the almost impossible to accomplish goals in the following areas of business: Taking Critical Business Decisions Every organization at one of point of time experiences a situation where critical decision needs to be taken. In such a scenario, having complete and detailed information about the competitors, market and the overall industry enables a business to take an appropriate and perfect decision aiding in the overall success of the business.

On the contrary, possessing incomplete or irrelevant market information will result in losses for the organization thus negatively affecting the business in the process.

Obtaining Finance from Investors Obtaining funds from investors is found to be one of the biggest hurdles for any business.

  1. Assess your category and competition Whether you are a small local business or a multinational corporation, understanding your competition and category is a crucial part of dominating the market. Market Research is the only way for a business to obtain in depth analytical information about the industry, the existing and likely future competitors and also in providing information to investors pertaining to the extent your product or service can help in solving the prevailing problem in the market.
  2. Avoiding or overcoming failures in business Market research not only plays a pivotal role in enabling an organization to enter the market or in introducing a new product in the market, it also plays a prime role in justifying the risk undertaken by a business. For example, the researcher may observe that there is an association between the geographical location of consumers and their tendency to consume red meat.
  3. The point has been made that it is all too easy when conducting research to collect "interesting data" as opposed to "important data". These aspects made it imperative for the marketers to conduct marketing research.
  4. To illustrate the importance of understanding these connections consider the following simple, but common, question in marketing research.
  5. However for the purposes of statistical testing it is more usual to find hypotheses stated in the so-called null form, e.

The idea for a business or a product may prove to be worthless unless investors fund it and investors are always interested to know how well you have done the homework pertaining to the business.

Market Research is the only way for a business to obtain in depth analytical information about the industry, the existing and likely future competitors and also in providing information to investors pertaining to the extent your product or service can help in solving the prevailing problem in the market.

Locating new opportunities for business Market research goes much beyond understanding and learning about the trends in the market or changes in consumer behavior. In short, market research acts a light house in guiding a company in not going ahead with a particular decision which would have resulted in a big loss of revenue for the organization or even affected the brand image of the company.

Role of Market Research in Achieving Business Goals Effectively

Market research thus is indispensable for the marketing department of a company. Without specific direction about what to market, where to market, whom to market and how to market a product, business or service, a company can never hope to achieve what it aspires to achieve.

Get in touch with iRS to conduct market research for you. We are confident that you would be able to achieve your business goals effectively. Leave a Reply Cancel Reply Your email address will not be published.

  • This is a document which develops after having given careful consideration to the contents of the research brief;
  • Train them to ask customers specific questions for example, "What other products or services could we stock to meet your needs?
  • In such a scenario, having complete and detailed information about the competitors, market and the overall industry enables a business to take an appropriate and perfect decision aiding in the overall success of the business;
  • The organisation needs to know the alternative ways it can respond to this data.

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  1. A definition of marketing research Green and Tull1 have defined marketing research as follows. The third of the key terms in the definition given a little earlier was analytical.
  2. As was said earlier, because of time pressures, management is often seeking quick answers from marketing research.
  3. For example, the decision-maker could be asked what he has in mind when he uses the term market potential.
  4. In large measure, it was also possible to gauge the likely reaction from competitors.

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