Question

What is market research? Why marking research is quite important to a business?

Discuss as being a business, how to make sure the market research (plan to carry out) is cost-effective.

(Note: should include three questions in total)

Answer 1

Market Research :

Market Research is the first step to start a business or product. It is very impartant to plan a business strategy. It is a collective effort to gather information about customers or target customer. Market research provides important information which helps to identify and analyze the needs of the market, the market size and the competition.

Market Resarch both the techniques, Qualitative and Quantitative.

Marketing research is quite important to a business

It is the main factor to maintain the competitiveness over competitors. Planning and conducting market research is one of the key duties of marketing departments and teams. For your company it is also important to organize regular market research to get insight into the market, investigate spending habits of your customers, identify existing and potential competitors, develop solutions for product promotion and advertizing, increase your company’s recognition, improve your business reputation, and so on. Researching the market is an important activity providing your company with more business planning solutions that can improve the company’s performance, improve sales and increase revenue.

Market research is important for your business because it provides you with the following opportunities:

• Increased Sales
• Better Customer management
• Business growth

How to make sure the market research is cost-effective.

marketing research is to provide management with relevant, accurate, reliable, valid, and up to date market information, So that it decreases the upcoming cost. Market research aims to understand the reasons consumers will buy your product.

1. Determine what you need to know about your market.

2. Prioritize the results of the first step.

3. Review less-expensive research alternatives.

4. Estimate the cost of performing the research yourself.