Market research is a very important step for all startups as, amongst other things, it helps you understand whether your offering is likely to generate demand. Advantages and drawbacks of primary market research. For business’ that offer services or products for a specific market or market niche, market research is vital. Benefits of Market Research. Now you can go ahead and start to put your grand marketing plan together, or can you? It’s true that market research observation can highlight important evidence for many market behaviors. Without accurately assessing marketing conditions, customer preferences and product demand, companies may encounter low sales, unhappy customers and unprofitable product campaigns. Happy Creative Limited LinkedIn, Twitter, Facebook, Google+ etc. Some of the major advantages of why researchers use this method in market research are: Collect reliable and accurate data: As data is collected, analyzed, and presented in numbers, the results obtained will be extremely reliable. Top 7 benefits of mobile market research: It’s convenient: Mobile surveys can be answered from literally anywhere. This information will make you to sell those products that are needed. This study note tells you the purpose of market research. Therefore we have pulled together our top 10 benefits of market research: 1. Through market research, you may find all the information you need to decide whether to take action or not. Here are some of them: Excellent market research and quality decision making based on the facts received from marketing research will ensure the sure survival of your company on the market. You may then decide to make modifications on what you are going to offer to suit your audience. For example, you may find that the particular location where you wanted to open a shop already has a saturated market in your line of business, which should make you refrain from making that decision and look for a more appropriate spot. Over 25 years of high level experience, with a penchant for brand development, communications strategy, new product / service development – and for taking an active role in every project. In-house staff will need to devote many work hours to collating data. The information you find can guide your most important strategic business decisions and usually, if done properly, the findings and conclusions you reach have a value that exceeds the cost of the research itself. Once you have a clear sense of who your customers are, the following represent some additional things to think about: That will depend on the acceptance of the products by the consumers. Provides more detailed insights – particularly into customer views. It sounds like a great way to get one step ahead of your competitors. Minimize risk portfolio I'll also explain why marketing research is important and share some resources to help you get started on your own marketing research. Yet websites are never ‘done’. Benefits of Market Research prior to Product Launch. The team involved in the launch of a new product/service all have their individual perceptions and gut feelings. Many businesses are unaware of the kind of benefits focus groups can offer. Research might make it obvious that a new product you have planned may not be what your market wants or needs. Several survey research advantages and disadvantages exist, so reviewing each critical point is necessary to determine if there is value in using this approach for your next project. It needs to be simple and market research can help you define what your brand’s promise is. Research identifies problems. 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