Market research provides relevant information in recognizing and analyzing the market need, size and competition. This is why before starting with a business it is important to determine if there is a market for the product and service. Market research provides a huge interface of information about our soon-to-be and current customers, the competition, and the industry. This is the process of collecting data to determine whether a particular product or service will satisfy the needs of the customers. With effective market research, a company can achieve priceless information about the competitors, economic shifts, demographics, the current market trends and the spending traits of the customers. Market research analysts like George Bardwil study market conditions to examine potential sales of a product or service.
The most significant task of an analyst is to get the exact product at the exact place with the exact price to the correct person. Also, it is also essential to go back and find whether customer is getting optimal satisfaction, so that consumer remains faithful. These aspects made it vital for the marketers to conduct marketing research. Many successful businesses conduct market research occasionally in order to stay set to varying market trends and to maintain their competitive edge. Whether a business is in a start-up stage or in an expansion phase, market research is significant for understanding the critical characteristics of the target market to upsurge sales revenue, profit, return on investment and overall business success.
Although research is the most crucial element of decision making in marketing, it does not always essential to be intricate to be effective. Experts like George Bardwil who understand the importance of market research say that at times little determinations, such as conducting a fast exploration on the Internet, will offer the desired statistics. However, for maximum sellers there are interims when more intricate investigation work is desired and one need to understand the correct way to do investigation. This can be done either by carrying out the work or by employing others to handle it, which in turn can upsurge the efficacy of these ventures. Marketing research can be of two types:
- Primary Research: It monitors the efficacy of sales, the value of services, current business practices, and the tools used for communication. In addition, it also evaluates the current market competition by assessing the business plans of the competitors.
- Secondary Research: It is the gathering of already circulated information to make a company record that aids in situation analysis. It develops plans for benchmarking, and aids in determining the market segments that a company should aim.
Market Research helps in identifying the problematic areas in the business and understands the requirements of current customers and why they chose this particular service or product over competitors. It also helps to find out the potential customers and their requirements, which can be combined into the prevailing products and services.
Thus, it can be said that market research analyst like George Bardwil helps business to have a thorough understanding of the markets.