Market Research -Its importance

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Re: Market Research -Its importance

#1 Postby karthikeyaimtn » Tue Nov 25, 2014 9:42 pm

Market research is very important when we are introducing a new product.It includes gathering information of existing competitors ,collecting information about the product ,collecting different opinions from different people about the product which is to be launched.It should be carried out in such a way that you should know the pros and cons of the research is important for existing companies and newly starting companies.Market research helps helps in reaching the expectations of the people when the product is launched.

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Re: Market Research -Its importance

#2 Postby mohitimtn » Mon Nov 24, 2014 10:43 pm

What if you stuck with an idea of producing something which you thought to be very important and can bring a change in the life of the customer. You start producting it and for that you charged a certain amount for that product and over a certain period of time you got to know that there is no sale of your product, all your cost has now become sunk cost, even after you tried very hard but could not succeed, because of one very obvious reason, Market research was not done, you were not aware of the customer demand. It might possible customer do need that product but the cost which you were charging was very high, which means your competitor's product was also available but at a cheaper rate, or it is also possible that the people whom you were targeting did not want your product altogether, because you were not able to satisfy their need.

Today's customer demand is very elastic, proper market research its very important for one to know about the current trend, demand of their customer and above all the "base, why are you doing it all, whats the use of it, all this one get to know after market research.

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Re: Market Research -Its importance

#3 Postby sampritiimtn » Mon Nov 24, 2014 12:08 am

Market research is the bed-rock of marketing. From identifying the need, to identifying the customers with the need (segmentation), the ones that have the ability to pay for that what they demand, analysing the trends in the market, the review of the current economic picture of the market to decide on the price that you could fix for the product, innovating on the ways and means that appeal to the customer the most (promotion), researching about the geography of the market, the socio-economics to finding the perception of the people about the product which ultimately helps in innovations in the product features and projecting an image of the product to its relevant market - marketing research covers all. Marketing research is that, what defines the product, makes it relevant to its market. Market research identifies the platform, helps develop the product and ensures that it will sell, which is the objective of a firm. Good market research goes a long way in keeping the customer happy - as a marketer that can only mean one thing. Product survival which will translate to profitability.

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Re: Market Research -Its importance

#4 Postby poojaimt18 » Sun Nov 23, 2014 11:10 pm

When a firm start any new business it involve a great risk. A good market research can help to reduce this risk.
Market research helps to identify trends or changes in the market.It identify the new product and services which the customers are looking for in the future. Market research plays a very important role in keeping ahead of competitors. It keep up-to-date with new technology and trends in the industry. The information collected through market research help to make informed decisions. It helps to stay and build more profitable business.

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Re: Market Research -Its importance

#5 Postby rupeshimtn » Sun Nov 23, 2014 5:19 pm

Market research is basically an information gathering exercise to determine the viability of something. Market research allows you to identify threats and opportunities in the market place and provide the information on which you can make the informed decisions. Market research reduces the risk involved during decision making. Market research is very much important for new business start up , who needs finance for that because the person to whom you would approach for finance will first see your market research data. Your market research data shows the capability of the success of your product in the market. Market research helps you identify new products or services needed by the consumer. it helps you to determine whether your customer is satisfied with your product or not and what other changes are needed by the consumers. Through market research you can identify which advertising medium is best successful for your product so that you further invest in those area and eliminating the others sources.

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Re: Market Research -Its importance

#6 Postby vitaj » Wed Jul 30, 2014 8:32 pm

Market research is an important part for any marketer. This tells the acceptability of the product. If there is any gap between the service provided and the expectations, so that can be identified and rectified. Market research becomes important when we want to launch a new product. This can save us a whole loads of money if we can see that product will not meet the expectations and rectify that. Example is Pepsi blue when Pepsi wants to launch its new product, it did market research only at one location resulting in failure of the product.

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Re: Market Research -Its importance

#7 Postby ISTTMVINAY457 » Sat Jun 14, 2014 9:14 am

Market research is important for every organization, it is useful for both new startup companies and existed companies. Market research will help to find right market for any organization. market research also helps to communicate effectively ,identify and understand opportunities, pinpoint problems. So market research will find out the accurate data which is very helpful to find level of service or quality level of product, by this we can estimate whether customer satisfy with service or product. By this market research we can refine organization products or service , there by we can increase sales and profits also.

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Re: Market Research -Its importance

#8 Postby Priya16 » Sat May 31, 2014 10:43 am

Marketing research is basically the research you carry out of the market. When you want to set up a new business, you need to do a market research. You need to research about the target segment you are targeting, whether they will buy your product or not, then the products of your similar type existing in the market, market share of your products, existing competitors, their profits, form where do the supplies come from etc. A research of the whole market, a research for your product in the market. Marketing research gives you a clear picture of feasibility of the product. It gives you more complete picture. It should be carried out so that you know the pros and cons of your product in the market. MArket research can be done by primary and secondary methods of data collection. Primary as we know that no existing information is there and you yourself conduct the research. Secondary is available information through books, magazines etc. Both can help you to carry out the market research.

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Market Research -Its importance

#9 Postby shalini1792 » Fri May 30, 2014 10:21 am

Market research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process. In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research.

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