According To You, What Is The Purpose Of Conducting A Market Research?

Market research is an essential component of any product which leads to an ideal product development. It identifies the needs and satisfaction of the customer and according to those needs a perfect product is launched to satisfy the customer demands.

It is a continuing process and does not end after the launch of the product and must be done continuously to make sure that the product that was launched is doing justice to the customers.

The purpose of the market research is as follows:
First purpose is to identify the size of the market, segmentation, and customer behavior and consumer profile. These things lead to the product development.

During the product development it identifies opportunity tests the concepts and also identifies the customer's need and preferences.In the advertising and promotion process it formulates advertising themes and selection of which media to be utilized for promoting the product line.

Market research also identifies which are the suitable outlets for distributing the products and for supply and chain management.It identifies how much market share is utilized by the competitors, their trends in sales and also identifies unique selling points.

Lastly, it is through market research that the value of the product ( that is pricing) in the customer's point of view is jotted out and thus helps in pricing.

Market research is important for every business, and should not be just a one-off activity. Successful businesses conduct research on a continual basis to keep up with market trends and to maintain a competitive edge. Your research could identify new business opportunities. You may find an un-serviced or under-serviced market. Research will help you identify areas for expansion and test the market’s readiness for a new product/service.