Wednesday, 21 September 2016
Benefits of carrying out a market research
According to investopedia.com, "a market research is a process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product."
A market research helps you to know who your customers are. It also let you know what you need to do to gain a competitive advantage over competitors. It tells you who your competitors are and what their weaknesses are.
A market research needs to be done before starting your business. A market research will also let you know what new products you can introduce to the market. You will also be informed about how these potential new products will perform in the market in terms of profits. It can also be done to know if you can change your existing products.
A market research can be done using primary ways (primary research) or secondary ways (secondary research). Primary ways will involve you dealing with the customers directly. A primary research can be carried out via an interview, the use of questionnaires or through the use of a focus group. A secondary research will includes the use of data gotten from databases. Data used when carrying out a secondary research have been previously collected from consumers and then organised, all you will be doing is to analyse the data so that you can be informed about your potential product. You may read this article.
Your business is more likely to get lost if a market research is not done before starting your business. Always remember to ask Allah for guidance (Istikharah Prayer) first. However, it is never too late to carry out a market research so that you can introduce better new products. Without a market research, competitors will have an edge over your business.
That is all for today, thanks for reading this article and keep checking out my blog regularly. Cheers!