Question

What suggestions do you have for a company's leadership related to market research and the value it can add? (250 words)

Answer 1

Market research is the process of reaching out to the target clients through various means and understanding what they really expect or require from the organisation providing the goods or services.

Today’s world is world of competition. A number of organisations are working within the same industry with the primary motive of earning profit. A market leader is that who have the highest proportion of sales proportions of that particular industry, which can obviously be achieved by having a higher number of customers.

Market research helps the organisation to achieve the highest sales proportion in the industry by giving an actual requirement and preference of the customers .

Previously it was difficult to do a market research due to the non-availability of the techniques and resources for gathering data from the big sample size of the customers which in turn leads to the misleading research conclusion but over a period of time these problems has been sorted and now market research provides the precise results for the successful running of the business.

Market research is being very useful for the companies due to their specific customer oriented approach. This can be understood with the help of an example , say an company is producing different flavours of candy, all of them have same cost but company can increase the price of the product which is most liked by the customers due to its preference by the customers.

Now, all such prefernces, requirements etc are provided by the market research to the organisation.

So, it can be concluded that market research can readily helps organisation to be a market leaders and have its own perks.