Market Research

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Market Research

• Date 22/06/2022

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What is Market Research?

• Market research is the process of determining the
  viability of a new service or product through
  research conducted directly with potential
  customers. Market research allows a company to
  discover the target market and get opinions and
  other feedback from consumers about their
  interest in the product or service.

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Benefits of Market Research

• It helps businesses strengthen their position.
• It minimizes any investment risk.
• It identifies potential threats and
  opportunities.
• It helps to discover your and your competitors
  strengths and weaknesses.
• It facilitates strategic planning.
• It helps in spotting emerging trends.
• It assists businesses to stay ahead of the
  competition.
• It provides revenue projections.
• It focuses on customer needs and demands.
• It helps to evaluate the success of a business
  against benchmarks.

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Types of Market Research

• Brand research Brand research is focused on
  creating or refining your company brand to make a
  bold and favorable impression on your target
  market.
• Marketing campaign evaluation Some market
  research focuses specifically on marketing
  campaign effectiveness. You can evaluate how many
  people have seen your online ads and what the
  click-through rate has been, for example.
• Competitor research Competitor research focuses
  on the competition to help you gain insights into
  how your company can pull ahead. 

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• Customer segmentation research An important type
  of market research, especially for new
  businesses, is customer segmentation. These
  studies divide your larger consumer base into
  different groups or personas.
• Consumer research Nearly all market research
  involves the consumer in some fashion, but some
  research is focused specifically on understanding
  consumers within a certain segment better.
• Product development Developing products calls
  for market research first to ensure the concept
  has value and then to refine the product over
  time. For example, you may see sales dipping on a
  flagship product and discover that customers
  needs have shifted and this product should offer
  a new feature to be more useful or convenient.

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Importance of Market Research

• Identifies new products or services
•  Identifies potential customers
•  Establishes viability of a product or service
• Anticipates and discovers future market trends
• Keeps your company ahead of competitors
• Decides best marketing strategy
• Reduces risk and increases profitability
•  Identifies threats and opportunities

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Does Market Research Really Work?

• Market research takes time, effort, and finances
  to complete, so it makes sense to spend these
  resources only if youre going to get a positive
  return. The reality is that market research
  remains a crucial part of running a successful
  business because it is indeed worth the
  investment. Of course, market research alone
  wont cause your business to succeed but it
  will give you the information you need to make
  strategic decisions that will steer your company
  to success.