Market research can be defined as the method of gathering data on goods and services to determine whether they will succeed in the marketplace and establish if there is a viable business opportunity.
It is an essential tool for the success of your business. Regardless of whether you are a business start-up or looking to expand, market research can provide valuable information about new product launches, barriers to entry, niche market identification, competitor analysis, market sector trends and help make strategic business decisions.
In short Market Research:
- Provides information on potential customers and it highlights opportunities for your business.
- Will allow you to maintain the competitive edge by ensuring you understand your target market, increase sales and target business growth.
- Will help you design a business plan for the future.
Market Research Explained
Market research consists of two types of research primary and secondary. Both provide valuable information to your business.
- Primary Market Research assesses the effectiveness of sales, quality of service and business practices. It also evaluates market competition
- Secondary Market Research is the collection of data that has already been published. It helps determine market segments and provides strategies for benchmarking
Benefits of Market Research to your business
Information gathered from market research provides invaluable information on clients and customers. These benefits are not exhaustive but some of the important ones are:
- Strategic performance analysis
- Customer profiling
- Develop a business plan for the future
- Statistical performance analysis
- New market identification
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