Importance of Market Research for Businesses

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Every business needs to invest in market research. Here are some reasons why businesses need market research.

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  • A business aims to sell its product to their customers. Businesses need to undertake market research to know the needs and preferences of consumer, current and potential competitors for their products/services, and so on. Market research helps businesses use their resources as efficiently as possible. In this article, why market research is important for businesses.
  • Importance of Market Research for Businesses

    1. 1. Importance of Market Research For Businesses Market Analyst™ www.marketanalyst.net ©2014 Market Analyst LLC. All rights reserved
    2. 2. Every business aims to be profitable and sell to its customers. In order to do that a business must undertake market research to understand the needs and preferences of its customers.  Similarly, a business needs to have knowledge about its current and potential competition and the products and services they offer. ©2014 Market Analyst LLC. All rights reserved
    3. 3. Importance of Market Research Provides Data: Market research provides necessary data about consumer behavior, demand & supply and competition which is essential in decision making. ©2014 Market Analyst LLC. All rights reserved
    4. 4. Importance of Market Research Studies Consumer Behavior: Market research gives the businesses idea about likes, dislikes, income, age group, etc of the its customers. ©2014 Market Analyst LLC. All rights reserved
    5. 5. Importance of Market Research Helps in Deciding The Best Promotional Strategy: The research helps businesses in coming up with a promotional strategy which suits their budget, target audience, geographical coverage etc. ©2014 Market Analyst LLC. All rights reserved
    6. 6. Selection of Media Market research helps in selecting the right media to be used for advertising. It also helps in outlining the budget required for sales promotion techniques and advertising. ©2014 Market Analyst LLC. All rights reserved
    7. 7. Furnishes Market Information Data regarding market situation is supplied with the help of market research. This data helps in estimating:  Demand and supply situation of present and future. Level of competition.  Reasons for fall and rise in level of sales.  Opportunities for marketing. ©2014 Market Analyst LLC. All rights reserved
    8. 8. Keeps A Check on Marketing Performance Market research helps in evaluating and checking performance of a business against its competition. Research helps in estimating the effectiveness of potential strategies. It helps business to understand consumer reactions both positive and negative to its previous products or those of its competitors. ©2014 Market Analyst LLC. All rights reserved
    9. 9. ©2014 Market Analyst LLC. All rights reserved Market research is helpful in finding out effectiveness of package, price, brand name, etc. on sales. Helps in creating pricing and inventory policies. It also finds out how advertising is effective and how well the sales promotional techniques are carried out.
    10. 10. Conclusion Market research is very useful for every business. It helps any business to use its resources most efficiently . Businesses today sell to consumers who are highly aware of their surroundings, therefore it is much more important for a business to stay up to date than it was ever before. Not only the company benefits but market research is profitable for consumers, advertising agencies, distributors and the whole industry. ©2014 Market Analyst LLC. All rights reserved
    11. 11. Market Research Answers Questions Like: How? What?  Where?  When?  and whom to sell the company’s products and services. ©2014 Market Analyst LLC. All rights reserved
    12. 12. Contact Market Analyst™ for all your market research needs ©2014 Market Analyst LLC. All rights reserved

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