Why Conduct Market Research?
- Market research is the objective collection, compilation and analysis of information about a market
- Effective market research will help the business to
- Reduce risk when launching new products or entering new markets
- Identify and understand the future needs and wants of customers
- Determine potential gaps (market niches) in the market which can be exploited to increase the sales volume
- Identify competitors and gauge their potential strengths and weaknesses
- Market research helps the business to make informed decisions about the most effective way to use their valuable resources
- Market research enables the firm to develop an appropriate marketing mix
- On-going market research helps businesses to keep changing their marketing strategy in line with customers changing needs and preferences