The Importance of Market Research to Company’s Business

The Importance of Market Research to Company’s Business

Thomson Jessica wrote an article ”Market Research Plays A Vital Role In Every Business Sector” (19/4/2013) about the importance of market research to company’s business. In the beginning of the article she reminds everyone about the fact how hard it is to succeed in any business sector without knowing the needs and wants of the target audience. To understand what consumers prefer and want it is necessary to conduct a call centre and get collected data for make an analys which will give the company ”complete insight into the industry and accordingly helps you in knowing about consumers” describes Thomson.

Thomson writes that market research is conducted in different forms like feedback, questionnaires and several other ways to analyze in detail about the potential customers and predict their buying behaviors. However, it is not so easy to make these kind of predictions as people tend to change their habits continuously depending upon various factors, for example their life situation. ”If a marketer fails to take into account the customers interest and motivations it would get difficult to sell a product or service which is meant for the target audience.”

Consumers tend to have two different motivaters to buy a product or service: the first one is that the person is going to buy the product or service after he had carefully studied about its benefits and features, or as the another alternative, he had repeatedly seen an advertisement or heard about the product or service from his colleagues and friends what for the idea of buying the object starts feel right way to do. It can also be that the consumers buy the product because it appeals to his feelings or its outer appearance seems to be attractive for him.

The Importance of Market Research to Company's Business

The Importance of Market Research to Company’s Business

It is through the market analysis that the marketing strategy is framed so that the product or service appeals and reaches the target customers. According to Thomson, what this market analysis requires is a systematic and objective collection of the data about the target market, surrounding environment, competition and the company’s goal. Market analysis is however not ”a one-time cycle but is conducted frequently to gain a better understanding of the changing behavior of the markets and the consumers accordingly”. Market research is the one which guides communication of the company with current and potential customers. ”It is extremely important to take a note of the consumers habits and avoid using ways or techniques which they do not prefer to see”, writes Thomson.

Market research has many different kind of benefits to offer and whether its a big or a small business it is necessary to conduct the research in order to identify the opportunities in own business sector. However this research is the first thing which points out how well would a product succeed in the business world and is it necessary to have some modifications in it prior offering it to the audience. Market research can also help a company beforehand by letting it know about some lacks and that way minimizing the risks about the future of the new product or service the company is going to provide to markets.

The quotes which appears in the text are borrowed from Jessica Thomson’s article ”Market Research Plays A Vital Role In Every Business Sector” (19/4/2013).

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