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;
- Allows you to maintain the competitive edge by ensuring you understand your target market, increase sales and target business growth;
- Helps you design a business plan.
Market Research Explained
There are two main types Market research – primary and secondary research.
- Primary Market Research is the collection of your own personal data – this can assess the effectiveness of sales and quality of service. It can also evaluates market competition.
- Secondary Market Research is the collection of data that has already been published. It helps determine market segments and can provide strategies for benchmarking.
Benefits of Market Research to your business
Information gathered from market research provides invaluable information on your clients and customers, this can include –
- Strategic performance analysis;
- Customer profiling;
- Develop a business plan for the future;
- Statistical performance analysis;
- New market identification.
For more information on our market research services please contact us, Call us now at +35321 482 4300 or email email@example.com to discuss your requirements with us.