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Marketing Research: An Overview
By James Marriot
Market research refers to the systematic collection & evaluation of information about the market for your business. Unempirical approach will never help you either launch or operate a successful business. A broad range of knowledge needs to be developed on the basis of a number of facts before you start a business.
Good market research will help you find out the following facts:
§ Location and size of market.
§ Market Demographics.
§ Receptiveness for your product in the market.
§ Trends and outlooks in the industry.
§ Industry structure & lines of distribution.
Market research helps companies know more about the past, present & potential customers, including their preferences towards various products and services. It comprises of testing the market for determining the acceptance of a particular product/service, especially among various demographics. It's used for establishing thing such as which segment of the population does or will purchase a specific product. Such analysis is usually based on a number of variables such as gender, age, location and income level, to name a few.
Market research also allows the companies in developing information about new products and product lines plus what is the scope of a particular product in the market. Businesses can find out the customers' response to a comparable product existing in market. It'll help them take decisions such as whether they should produce a specific product or not.
Of course, you can never sell a product or service that's not required by the customer in the first place. Hence, you need to learn what does your customer want and how to present the product/service attractively?
With the help of a good market research report you can make intelligent decisions about your business. Market research reports provide you with answers to key questions influencing your business. Thus, help you in better decision making about your business.
Marketing research deals with people & their ever-changing needs and behaviors, which are affected by numerous subjective factors. For conducting marketing research you need to gather facts & opinions in a systematic & objective manner.
Such information can only be acquired once you get market research done with some experienced and reliable market research firm. Getting the market research done is more significant for those running large businesses. Market size is larger for such firms as compared to the small businesses where the market size is not so vast.
Though, small business owners do have a sense of what their customers need, this informal information might not be timely or relevant to the current market. However, focused and organized market information is provided by the market research reports. Also, the information is timely & relevant so that business risk can be minimized. It also helps in spotting current & future problems in the market, identifying sales opportunities and developing plans of action.
To be able to run a successful business you must know all about your potential & existing customers as well as the marketplace you operate in. Acquire as much information as you can from various sources to understand the marketplace for your business. Find out the economic & industry trends, latest products, customer requirements and an idea of the plans and strategies adopted by your competitors.
RNCOS is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our reports, please visit us at http://www.rncos.com/Report.htm or email us at info@rncos.com
About the Author
RNCOS offers complete e-publishing solutions for your business. We provide personalized world-class content development and management solutions that are qualitative and result-oriented.
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