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Market Research

Here you are gonna know the why market research is important, it's benefits and does that actually work or not.<br>

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Market Research

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  1. Market Research Date – 22/06/2022

  2. What is Market Research? • Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.

  3. Benefits of Market Research • It helps businesses strengthen their position. • It minimizes any investment risk. • It identifies potential threats and opportunities. • It helps to discover your and your competitor’s strengths and weaknesses. • It facilitates strategic planning. • It helps in spotting emerging trends. • It assists businesses to stay ahead of the competition. • It provides revenue projections. • It focuses on customer needs and demands. • It helps to evaluate the success of a business against benchmarks.

  4. Types of Market Research • Brand research: Brand research is focused on creating or refining your company brand to make a bold and favorable impression on your target market. • Marketing campaign evaluation: Some market research focuses specifically on marketing campaign effectiveness. You can evaluate how many people have seen your online ads and what the click-through rate has been, for example. • Competitor research: Competitor research focuses on the competition to help you gain insights into how your company can pull ahead. 

  5. j • Customer segmentation research: An important type of market research, especially for new businesses, is customer segmentation. These studies divide your larger consumer base into different groups or personas. • Consumer research: Nearly all market research involves the consumer in some fashion, but some research is focused specifically on understanding consumers within a certain segment better. • Product development: Developing products calls for market research first to ensure the concept has value and then to refine the product over time. For example, you may see sales dipping on a flagship product and discover that customers’ needs have shifted and this product should offer a new feature to be more useful or convenient.

  6. Importance of Market Research • Identifies new products or services •  Identifies potential customers •  Establishes viability of a product or service • Anticipates and discovers future market trends • Keeps your company ahead of competitors • Decides best marketing strategy • Reduces risk and increases profitability •  Identifies threats and opportunities

  7. Does Market Research Really Work? • Market research takes time, effort, and finances to complete, so it makes sense to spend these resources only if you’re going to get a positive return. The reality is that market research remains a crucial part of running a successful business because it is indeed worth the investment. Of course, market research alone won’t cause your business to succeed — but it will give you the information you need to make strategic decisions that will steer your company to success.

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