Importance of Market Research for Businesses

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Importance of Market Research For Businesses

Market Analyst™ www.marketanalyst.net


Every business aims to be profitable and sell to its customers.

In order to do that a business must undertake market research to understand the needs and preferences of its customers.

Similarly, a business needs to have knowledge about its current and potential competition and the products and services they offer.


Importance of Market Research

Provides Data: Market research provides necessary data about consumer behavior, demand & supply and competition which is essential in decision making.



Studies Consumer Behavior: Market research gives the businesses idea about likes, dislikes, income, age group, etc of the its customers.



Helps in Deciding The Best Promotional Strategy: The research helps businesses in coming up with a promotional strategy which suits their budget, target audience, geographical coverage etc.


Selection of Media

Market research helps in selecting the right media to be used for advertising. It also helps in outlining the budget required for sales promotion techniques and advertising.


Furnishes Market Information

Data regarding market situation is supplied with the help of market research. This data helps in estimating:

Demand and supply situation of present and future.Level of competition. Reasons for fall and rise in level of sales. Opportunities for marketing.


Keeps A Check on Marketing Performance

Market research helps in evaluating and checking performance of a business against its competition.

Research helps in estimating the effectiveness of potential strategies.

It helps business to understand consumer reactions both positive and negative to its previous products or those of its competitors.


Market research is helpful in finding out effectiveness of package, price, brand name, etc. on sales.

Helps in creating pricing and inventory policies.

It also finds out how advertising is effective and how well the sales promotional techniques are carried out.


ConclusionMarket research is very useful for every business. It helps any business to use its resources most efficiently .

Businesses today sell to consumers who are highly aware of their surroundings, therefore it is much more important for a business to stay up to date than it was ever before.

Not only the company benefits but market research is profitable for consumers, advertising agencies, distributors and the whole industry.


Market Research Answers Questions Like:

How? What? Where? When? and whom to sell the company’s products and services.


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