The importance of market research

Nearly everyone engages in some form of research. From the highly trained geologist investigating newly discovered earthquake faults, to the author of best selling spy novels gaining insight into new surveillance techniques, to the model train hobbyist spending hours hunting down the manufacturer of an old electric engine, each is driven by the quest for information. For marketers, research is not only used for the purpose of learning, it is also a critical component needed to make good decisions.

The importance of market research

The importance of market research

November 21, But sadly that is not the case. Constant enhancement and development of the business and the team are essential to surpass others in the market and have a competitive edge. This is largely possible through research. Research is not restricted only to medical and science fields but is an important aspect of any organisation — big or small.

The Importance of Market Research Explained, or Why You should Research Markets

A company consists of people and it is this team that steers the course of the business. Businesses succeed or fail based on the decisions taken by these people in the organisation. Many organisations in industries like pharmaceuticals have a full fledged research and development division with quality control to ensure quality of product and invention of new products.

In such a scenario, research is an all time must for continuous upgrading of skills and knowledge of employees for quality deliverables. Besides this, the deliverables by itself would need a vast amount of research to satisfy the requirements of clients.

In-house research is needed in areas of professional and self development of the employees through training and mentoring. Organisational research and analysis would also be required for assessment of performance management, process reengineering, departmental assessment and well-being of employees.

All the above mentioned research areas would involve the people directly as they are the ones who initiate all processes. Research in each of these areas can bring about meaningful and relevant implementation of policies and procedures for positive change within the organisation.

Performance management would require the managers to play a crucial role as facilitator and mentor to achieve excellent results.

Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing. Need and Importance of Marketing Research! The most important task of a marketer is to get the right product at the right place with the right price to the right person. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remains loyal. Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required.

Besides motivating and encouraging the team, a manager needs to lead from the front. A proper understanding of the employees and healthy interaction would be crucial factors for a manager to enhance performance of the individuals in the team.

A good approach, right attitude and behaviour of the manager with proper systems in place would require sound research to understand and improve the system. Process reengineering involves a detailed study of the existing processes and systems of the departments, inter-departments and also between units.

A careful study would reveal the gaps existing in the system and suitable remedial or innovative solutions can be arrived at through analysis. It would eliminate repetitive and waste activities with introduction of better and enhanced processes. Departmental assessment would involve understanding the purpose and processes of the department.

If done by the department team, it provides a feeling of ownership and brings about a sense of responsibility. The team would be able to identify what works well for them and what are the exercises that can be eliminated. With regard to the staff, a properly conducted research can reveal crucial information on their satisfaction quotient, the difficulties encountered by them and how the issues pertaining to relationships at the workplace can be tackled.

An analysis of the results would enable the management to bring about changes for the overall effective functioning of the organisation and its employees. The employees can be mentored and trained based on the needs. This would facilitate personal as well as professional development enhancing overall organisational performance.

Besides research on the systems, an organisation requires research to improve their marketing and sales performance.

The importance of market research

The facts and figures of operations through proper accounting and financial systems would help in taking decisions on the feasibility and growth of the organisation.

Ultimately, it is research that helps sustain a company.Other stories in this month's Digest. The Growing Importance of Social Skills in the Labor Market. Labor market rewards to performing routine tasks have fallen, while the returns to workers ability to cooperate and adapt to changing circumstances have risen.

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It is tempting to believe that if an organisation is running smoothly with good profits and an excellent team of professionals, it will continue to function in the same capacity. Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service.

The Resource to Understand and Reach the Affluent Consumer. The American Affluence Research Center was established in to serve businesses and organizations targeting the luxury market and affluent consumers. The Importance of Market Research. Tweet (Image: Pexels) If you are a business owner looking to enter a new market place or increase your share in a current market, understanding the scale of the opportunity is crucial.

Having the right market intelligence will allow you to allocate your resources appropriately. This then translates into. All marketers will agree that market research is important. Because the media landscape is in a constant state of flux and marketers are constantly overwhelmed with data and business priorities, though, marketers tend to shave timelines, do "internal" research, and lose sight of the need for consumer marketing research for their organization.

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