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Market research is the most fundamental aspect of any business. Market research refers to the process of systematic collection, analyzation and interpretation of data related to a particular market, customers, and different players in the market to assess the feasibility of the product/service in the market. Considering the current highly competitive business environment, market research is an essential part of the business strategy to achieve growth.
Market research offers a lot of benefits to businesses. The main objective of market research is to clearly understand the market. Market research enables you to explore opportunities in the market, estimate the risks involved, foresee the upcoming trends, etc. It allows you to compete with others selling similar products or services. Market research helps you predict where the market is going, how it's going to change, and what changes are likely to occur in the market. Market Research helps you make the right decisions in marketing, promotions, sales, and operations. By doing market research, you get to understand the needs and wants of your market, and find answers to questions that may have been bothering you for years. Market research helps you make intelligent decisions.
Market research adds value to you, whether you are starting a new business or expanding to other regions or diversifying your business. Here are some of the advantages of market research.
Market research helps you clearly understand the target market by analysing the data and deriving valuable insights about the market scenario. It allows business owners to have a holistic view of the market by gathering first-hand information about the market. When you understand your market, you will be able to create an effective promotional plan to reach out to potential customers. Once you understand your market, you can develop and produce a product that will be able to cater to the needs of your market. More importantly, by doing market research, you get to know your customer segments inside-out.
Market research is an extensive process and can be categorized into primary research and secondary research. Both are useful as per the requirements of the business.
Primary market research is research you conduct directly by yourself or hire some expert to research for you. It is a kind of field research and involves collecting information from direct sources like customers through one-to-one interviews, focus groups, polls, surveys, etc. It is generally a time-taking and expensive process.
Primary research is of two types based on the information gathered. These are exploratory research and specific. Exploratory research involves general interviews with a small group of customers or individual customers to identify the problem. Specific research, unlike exploratory research, is more precise. Here we try to gather more information about the problem identified in the exploratory research and solve the problem. It involves structured and formal interviews with the identified persons.
Primary market research looks into the company's target audience, finding out what they want and how much they spend, what their purchasing power is, and how they go about purchasing goods and services. It also looks at how the product or service fits in with the company brand image. These types of studies can really help the company focus on what the public needs. If you are not aware of these aspects of the business and market, you may not be able to reach out to the customers in the way they want and find it hard to survive among your competitors in the market.Read more
Secondary market research refers to the study and analysis of previously published information that is available in the public platforms in the form of articles, ebooks, infographics, videos, white papers, etc. The information relied upon for the research is generally published by authentic bodies such as government organizations, trade bodies, non-profit organizations, market research firms, etc. While the information provided by government organizations is free of cost, market research firms usually charge for the information they provide. Secondary market research is rather easy, quick and cost-effective when compared to primary market research.
Small businesses that cannot afford the primary market due to the time and cost involved would generally go for the secondary market research. Today, a lot of information is available on the internet which can be used for secondary research. However, as there are no restrictions on publishing on the internet, the authenticity of the information is always guaranteed. So, you must check for the authenticity and credibility of the information while referring to it. It is advisable to rely on the information provided by the government authorities instead of some random sources.
The type of market research that you should go for entirely depends on your objectives and why want need the market research, in addition to other factors like cost and time. Many times, secondary market research acts as If secondary market research is enough to meet your business objectives, you can go for the secondary market research, or else primary market research will be the choice.Read more
Market research, irrespective of your requirement be it new plant setup, new product launch, diversification or new market entry, can help you succeed. However, getting the market research done as per your specific requirements is not an easy task. The market research companies generally provide broad market research reports that do not satisfy your unique requirements.
This is where SolutionBuggy, one of the best market research companies in India can help you conduct the market research as per business requirements. With a network of more than 500 market research consultants registered on the platform, we provide market research reports across various industries including but not limited to food, beverages, pharma, chemical, textile, FMCG, electrical and electronics, etc.
If you are looking for market research consultants, then kindly register with SolutionBuggy and get access to experienced market research consultants who can provide you with a market research report.
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