Why is Market Research Important ?

Martin Day
 


Visitors: 507

Market research is an essential part of any business that wants to offer products or services that are focussed and well targeted.

Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends and by making market research part and parcel of the business process and conducting market research throughout the lifecycle of a product or service market research will bring the following benefits:-

Market research will help you better communicate - Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong.

By asking the customer you not only show them that you care but you also take the guess work out of customer services.

Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed.

Market research will minimise risk - Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.

Market research creates benchmarks and helps you measure your progress - Unless you measure you may not be able to gauge how well your business is performing. Early research may highlight glaring holes in your service or short falls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.

Martin Day is a Director of Survey Galaxy Ltd a web site that allows anyone to create, design and publish online surveys. For more information please visit http://www.surveygalaxy.com

(339)

Article Source:


 
Rate this Article: 
 
Stock Market Research
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Employment as a Market Research Manager or Market Research Director

by: Tom Ward (August 19, 2011) 
(Business/Careers Employment)

Eye tracking research for Market Research

by: Bruce Donners (April 09, 2012) 
(Computers and Technology/Software)

Learn about the significance of Top Market Research Companies and Researching ..

by: Shovon Joarder (June 23, 2017) 
(Internet and Businesses Online/Internet Marketing)

Read Your Market's Mind - 3 Great Market Research Resources

by: Jeff Smith (May 29, 2005) 
(Business/Marketing)

Business Market Research and Planning: What Size and Composition is your Market?

by: Adrian Pepper (July 24, 2006) 
(Business/Strategic Planning)

Hearing Aids Market in India 2011 - Research and Market

by: Sandeep Malhautra (March 22, 2011) 
(Health and Fitness/Ears Hearing)

Market Research

by: Sandro Azzopardi (October 12, 2006) 
(Business)

Have You Done Your Market Research?

by: Elizabeth McGee (January 14, 2005) 
(Home Based Business)

How to Research Your Market

by: Colleen Davis (July 29, 2008) 
(Business/Marketing)

Stock Market Research

by: Jimmy Sturo (August 21, 2006) 
(Finance/Stocks Mutual Funds)