Market Research Introduction Market research is a term used to de the process of gathering information regarding the potential and existing customers of the organization. Market research is considered as a very essential tool for businesses. Market research can assist new businesses, already developed business, small and large businesses in attaining success and growth. Market research helps businesses in attaining success and growth because market research can help in satisfying customers needs, help business find new opportunities and help them in communicating with the customers. Body One of the main reason due to which market research is considered as a key component of business success and growth is that market research helps in targeting the real customers of the business (Zikmund 8).
Several businesses fail because they enter the market without gaining knowledge before launching their products and services. These organizations fail to place themselves within the market because they are unaware about who their real customers are. Knowing the real customers of the business is vital because with this information businesses cannot target and get connected with the customers. Another reason due to which market research is important because it helps a business in identifying opportunities that have not yet been explored by other businesses.
There are several businesses that are selling homogenous products and services and these business experience tough competition due to which they fail to attain higher profits. If a business really wants to be successful it needs to figure out gaps or needs that have not yet been fulfilled. Market research enables a business in identifying these gaps and then businesses can design their products and services accordingly to attract customers (Groucutt 159).
First movers have the advantage of charging premium prices and this helps them in generating higher profits until other competitors enter the market. Market research does not only help in developing new products, it even helps in making betterments to the existing products to meet the expectations of the customers. Several times products fail because they do not meet the expectations of the customers. Market research can help in figuring out issues with the products being offered and this can help in making changes to the products. One of the main tasks of the marketers is to develop a certain image about the product and services in the minds of the customers.
In certain cases the image that the marketer wants to develop is different from the image that the customer is carrying regarding the product or service. Market research can help businesses in identifying what customers think about the product and if there is a gap in the image that the marketer wants to portray and the image that has been developed in the minds of the customers, the marketers can make efforts to minimize this gap or alter the product to meet the image that has already developed in the minds of the customers (Xu 170). Customers Market research is essential for businesses because it helps in identifying the needs of the customers and helps the organizations in developing products to meet those needs.
It even helps in making betterments to the products that have failed in the market and it helps in achieving customer satisfaction and it even helps the business in changing the image of the products or brands. Works Cited Groucutt, Jon, Peter Leadley and Patrick Forsyth.
Marketing. London: Kogan Page, 2004. Print. Xu, Jie. Market research handbook; measurement, approach and practice. . Lincoln, NE: IUniverse, Inc. , 2005. Print. Zikmund, William G and Barry J Babin. Exploring marketing research. Mason, OH: Thomson/South-Western, 2007. Print.