Marketing Research: The Need of the New Era Businesses

At the time when businesses were limited in terms of its customers, revenues, globes as well as its functions, gathering information or having research was not that much important. Also, business functions were not in the trend. Everything was centric and decision making was not so dynamic as what we see today. By the course of time and advancement in customer satisfaction, customer retention, generating huge sales and revenues, Marketing Research came in practice. In general this has done for gathering information for various marketing and business planning. It is nothing but the process through marketers or businesses utilize useful and desired information. The researchers give direction to the research using various methodologies and seek the expected results. Whole process gives a path to the marketers or organizations to find better ways to satisfy their customers and provide them directions to gain customers and profitability as well.

Now the time we see today is much more competitive as it was never before. Competition is on the anvil today. And competition gave new pace to modern business and the theories of modern business have been changed now. Everyone today seeks information as it is the biggest tool and hence we require Marketing Research services (this business enhancement process). Marketing research came in the practice when market transitioned from sales oriented environment to marketing oriented environment. Marketing concept requires customer satisfaction rather than profit maximization and it becomes the goal of an organization. So, the transition led the requirement and then evolved the process. Earlier, business decisions were made by the help of various databases.

As time and competition changed the market and hence the business decisions have also been changed. To help more to the business we need proper marketing research services and service provider. Here it would be imperative to mention that, though marketing research services is not the only resource or the answer of every question which helps in business decision but it helps a lot and improves the management decisions. Therefore an organization should focus on consumer needs and try to resolve them efficiently and quickly in a manner to satisfy both organization’s need as well as consumer’s needs. Hence, it directly indicates that any service provider do need trying to obtain information on the basis of consumer needs and gather marketing intelligence to help satisfy these needs efficiently. Most of the time Market research is being considered narrowly as gathering and analyzing the data. Marketing research company/firms need to gain competitive advantage through creative use of information.

Even though, the proper information is a benchmark for the business achievements, Marketing Research Company alone does not assure or guarantee the overall business success. Nowadays, managers don’t require the large database or information, they require information for getting the desired or expected results. They manipulate the data as per the expected outcomes and use all for the sake of achievement of their marketing goals and objectives. Most importantly, all these happen regularly and with all care of timeliness. Hence Marketing Research Company does all these as per the organizations requirement and give Marketing Research Services which fulfill the objective of the research for which an organization came for.

Hence, the whole research process helps an organization in various aspects. The information obtained by the market research is used to guide several departments of an organization or firm to take several actions pertaining to launch of a new product, to improve the distribution system, to give more satisfaction to the customers, to improve the quality of the existing product or services etc. It would be insufficient if we say that the Marketing research is everything, the fact is it is important and have various positive impacts rather than negative for business purposes if the research has not been done with all care.

Jaison William is an Engineer with handful experience in differe

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Market Research Way to Analyse Market Trends

The significance of market research is truly undeniable in the present day where competition prevails. It is vital for every business enterprise to know the factors that affect their business. This research is basically an analysis of the data collected through various methods. A good research helps to assess the behavioural pattern of the consumers.

How Does Market Research Help?

Market research is quite useful in augmenting business in many ways. Through a systematic collection of data, companies can analyse various aspects and improve their products accordingly. Different strategies are implemented by the companies to upgrade their products and services.

With the help of such an effective research, evaluation of consumer behaviour is possible. Consumer satisfaction is analysed through various types of researches. These researches are considered a vital and integral part of product development. It is also an important market strategy.

Growing Importance of Research

There has been a substantial increase in the need for market research as it allows companies to formulate policies that prove to be beneficial. Companies can easily evaluate their present performance and introduce changes for effective sales and increased profits.

According to the data collected, different types of marketing campaigns can be introduced which target the potential consumers, identify their preferences and make alterations accordingly. These researches aid in understanding the choices of the consumers. In addition to evaluating the existing markets, companies can also identify other opportunities available in the markets.

Market research also enables to identify the existing competitors and their business strategies. The effect of the strategies adopted by the competitors can also be analysed with the help of these researches. It is also an effect communication tool as companies can interact directly with the potential consumers to understand their preferences. Products can be manufactured according to the requirements of the potential consumers.

Market research is vital in reducing unwanted losses as it targets potential markets by analysing the exact demand of the consumers. It is essential in weighing the present success level of a company and analyses its drawbacks or pitfalls.

Types of Market Research

There are mainly two types of market research- the primary research and the secondary research. Methods of research are chosen according to the objectives of the research. Primary research involves collecting the data from the source directly. This is usually done through interviews, group discussions and surveys.

The primary research is further divided into quantitative and qualitative research. The quantitative research involves collection of data through surveys which are numerical. This method of research is less expensive and consumers are expected to answer questionnaires which consist of close ended questions.

The qualitative research on the other hand includes collection of information through group sessions or interviews. This involves time and money.

The secondary research involves analysing and using the data collected by magazines, government sources, libraries and internet. There are various sources which provide the required information for a research.

In short market research is crucial for companies to introduce latest products into the market, analyse the demand of existing products and identify opportunities.

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