It’s really important to know about your customers or your prospective customers, to understand their preferences and needs. Market research is an arranged and objective method of learning about such needs and expectations of the future customers. It provides unbiased results to these questions:
Who is going to purchase your product?
What are the expectations and demands of your clients? How much are they willing to pay? What kind of packaging they choose?
What is the profile your customers? How old are they? What is their gender? What is their income level? Where do they live?
What are the attitudes your clients?
Who are your competitors or in other words who is developing the same or corresponding product and at what cost? Will you be able to contend with their price, choice, etc?
What is your extraordinary advantage as likened to your competitors?
What are the limits or restraints that you have to mind of? What are the start up prices and is there room for your company?
Is the need for your product increasing or declining? Does trend data points suggest raised use your product? How might your product people’s use of your product?
What is the projection of your business in future?
Why conduct market research?
It is a simple thing to realize that people will not purchase the things that they don’t want. It is a simple marketing people what they do want is simpler. In this are market research goes a long way for you to see out the demands and wants of people.
Market research offers accurate and precise insight of a consumers mind and this information is utilized to design products and services that are well received by the clients.
Who should do market research?
All business enterprises whether big or small, old or new, should do market research. Many big business proprietors sense that they don’t need a market research because they believe that they already know what is supposed to be acknowledged about their customer market, due to their long experience. However, a complacent feeling can really be very catastrophic for their business future as market trends are dynamic and keep on varying. Similarly small business owners can’t afford to neglect the importance of market research as an accurate and efficient market research can give them a head start in the launch of their product, saving them a lot of cost. So market research is a very important tool.
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