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


4 Answers

Anonymous Profile
Anonymous answered
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.
Alex hales Perry Profile

The purpose of market research is to gather data on customers and potential customers. The collected data aids business decision making. This therefore reduces the risks involved in making these decisions.

Edmond Becca Profile
Edmond Becca answered

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.

Brand Essence Profile
Brand Essence answered

According to me, I think there
are various reasons for conducting a market research, such as:

1]For focusing the necessary
things like appropriate product function, product appearance and customer
service or warranties of product.

2] Fixed the price based on
profit margins, competitors prices, financing options and very important thing
is that set a price that a customer is willing to pay.

3] For distributing product
find out the best characteristics of locations and the value of points of sale
such as retail, wholesale, online.

4]Find out best reach market
segments in areas of advertising and publicity, social media and branding.

BrandEssence Market research also does market research in various industries as well as provides qualitative
research reports which help you to grow your business. Contact now: 44 2038074155

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