Skip to main content

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!

Comments

Popular posts from this blog

Work-life balance: all should attain it

Hello readers, today I will be writing about work-life balance. According to businessdictionary.com, work-life balance "is a comfortable state of equilibrium achieved between an employee's primary priorities of their employment position and their private lifestyle." All work and no play makes Jack a dull boy, thus, you should find a balance between work and play. Here are some tips to help you achieve it.
1. Do not check your email (work) after working hours, this will help improve the quality of time you spend with your family and friends. Thus, you should not be distracted by work when spending time with your family and friends. 
2. When you decide to improve the situation of your work life balance, take it one step at a time. For example if you do not get to spend time in the evenings with your family during the week days due to coming back late from work, you should decide to spend one day a week and gradually increase it to two and then three till you get to spend the…

Eid Mubarak

The world of competence

Hello readers, it has been a while. Hope you did not miss me much, the good news is I am back now. Today, I will be writing about competence.
Competence is the ability that enables a company or an individual to deploy its resources effectively. It is neccessary for a company to have a competence target in all its business activities so as to deliver value to its customers. This will help create a competitive advantage for the company.
Competencies must provide value to customers. It must be unique or able to develop greatly or be better than that of competitors. New products and services must be able to be developed as a result of the competence. It must be difficult for other competitors to obtain or imitate.
Continually producing high quality products can make a company become a market leader (which is a core competence) as it provides a company with a competitive advantage. With high quality, higher prices can be demanded by the company from customers and the company will also be able…