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Importance of Market Research
#1
1. The need for market research
Market research is an essential business tool and is a must-do job in a competitive market where too many products compete fiercely for the purchase and / or use of customers. Therefore, the more you know about the market and your potential customers, the more likely you are to succeed. Understanding the local target audience and their shopping habits will help you find the right way to bring your product to market successfully.

Through market research, you can shape the idea of developing a new product and choosing the right positioning strategy for that product in each specific market. For example, through research, you may find that the taste of a particular food is very popular in this market but is considered special in another market and that would be the marketing information needed. If your business strategy is related to that field. The study will provide you with important insights that will assist you in discovering niche markets and developing an effective marketing strategy. Through research, you do not have to waste money and effort on the wrong hope, especially when you first export. On the other hand, it is important to note that market research is not a guarantee of success in business, but it will help you avoid many wrong decisions.

Market research can support:



* Helps find the largest markets for your product, the fastest growing markets, market trends and prospects, business conditions, and opportunities for your product. on the market.



* Enables the reduction of vision and effort effectively in a certain area or scope. From there you can set priorities for a specific target market and plan for future markets at the longer term.



* Helps you identify the "tricks" to introduce the best product. Over a period of time, for example a year, through research you can evaluate your efforts as well as your trading partners so that you can make the necessary adjustments in each market.



* Helps to understand competitors, including strengths and weaknesses, mistakes, and the cause of their success.



* Can help find ideas to develop new products.



* Helps to establish a serious business relationship with a partner who is interested in and understanding their market.



Market research - An "active"


Market research helps you capture the latest happenings in your target market, and then make quick marketing decisions. In the fast-paced international business environment, you need such an active approach and that is really your competitive advantage. Even in a period of slow population growth, new trends and target groups, such as the number of elderly or single people, are emerging. Both groups are looking for handy products. Through market research, you can determine the size of these groups as well as the differences of each group in different countries and can anticipate their interests to respond. An "active" approach will lead to success by rapidly responding and introducing products that are designed to fit in size, style ... for each of the above customers.
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#2
Couldn't stress market research importance enough. A good research will save you so much money in the long run and open the possibilities for making a lot more money with the resources you do spend.
Hi!
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#3
Market research consists of systematically gathering data about people or companies and then analyzing it for better understanding.
the result of market research in the form of report is used by business owners to make decisions about company growth.
with proper Market research, the businesses run more efficiently and market more effectively.

thank you
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