Market research is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. Before set up a business in a city or in a country, you need to know something about the local market. Market research is one of the key factors used in maintaining competitiveness over competitors and awareness of customer needs. Market research provides important information to identify and analyze the market need, market size and competition.
Factors that can be investigated through market research include:
1. Market information
Through Market information one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
2. Market trends
Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
3. SWOT Analysis
SWOT is a written analysis of the strengths, weaknesses, opportunities and threats to a business entity. Not only should a SWOT be used in the creation stage of the company but could also be used throughout the life of the company. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.
Benefits of Market Research
Market Research is an essential tool which assists in making strategic decisions. It reduces the risks involved in making decisions as well as strategies. Companies either do this research in house or outsource this process to business experts or organizations who have dedicated and trained resources to perform this.In the recent years an increasing trend of such market research companies assisting business strategists have come up. Some major benefits are:
i. Marketing research assists in providing accurate and latest trends related to demand, consumer behavior, sales, growth opportunities etc.
ii. It helps in better understanding of the market, thus helps in product design, features and demand forecasts.
iii. It assists in studying and understanding the competitors, thus identifying unique selling propositions for a business.
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If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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