What Is Market Research?

Market research is a vital process in starting up a business or organizations. The key word in that phrase is “Research”. Gathering information, analyzing each information, adjusting to negative feedback and implementing everything that was gathered will lead companies in to a positive path of success. Investopdia has defined Market Research as “The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups”. Introducing focus groups and product testing to the up and coming product can provide a real time person interaction with their personal feelings about the product. Investopedia also explains that “Market research allows a company to discover who their target market

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.

When marketing a product or service the organisation needs to make sure it will satisfy the customer needs or wants. An organisation will not survive let alone succeed or make a profit if it does not meet the customer’s physical, intellectual, educational or social needs/wants. An organisation will use market research to identify what the customer and consumer wants. This definition means there is a management responsible for doing market research to identify the customer’s requirements

Currently the inflation rate is stable at three percent or less per year, and the consumer price index is steady with approximately 1.5-2 percent change per year.   A stable economy without significant inflation will likely maintain the strong spending power of the consumer. The consumer’s dollar will be stretched further allowing them to purchase more goods. Low inflation rates will also persuade the Federal Reserve Board to keep rates low allowing free economic growth as rates increase.

TRIBE was founded in 2015 by three friends and ultra-runners Guy, Rob and Tom, who took part in a 1000 mile run across Eastern Europe to fight against human trafficking. Their journey is what inspired TRIBE and together with a simple mission, they decided to set out and develop the highest quality performance nutrition products from 100% natural ingredients to help prepare others for their own though journeys. They have since then launched 25+ natural products; protein bars, energy blaze trails, protein shakes and trail mixes. Today TRIBE is growing fast (Tribe, 2017). TRIBE is currently an online retailer, adopting a direct-to-consumer online subscription model (Holloman, 2016). TRIBE specifically targets runners and

The main intention of market research is to analyze the demand of customers. In fact, consumers are so close with the market research and product development to their integration into the 4 Ps--that people might even be called: The fifth "P" of marketing. The four P’s of effective marketing mix strategy was developed by McCarthy. Focusing upon customers, company could take right decision for the customers, according to the right place and distribution outlets, and the proper way for approaching the products. Marketing is all about creating beliefs to drive buying. So whether they are focused on the product, price, place, or promotion, successful marketing strategies and tactics

Failure to proceed a market research before a business start up or during its operation is like traveling to new place without a map. You have no idea about which direction to travel, where to eat, to stay and how to go fast. A proper market research test the viability of your product or service, which reduce risks in the decision making process. If the market research confirms customer interest, the company can definitely implement current strategy. If not, the business should make careful adjustments based on the market results findings to make the strategy possible and to bring the product/ service in line with consumer

Businesses are able to meet their customer’s requirements by carrying out a series of research, for example business would research their target market, this would be to see what their target market wants and need from a particular product for example: if Apple were going to bring out a new laptop they may carry out market research to see what their existing customers wanted from a laptop. For example if they said that they wanted to have a portable and lightweight laptop, apple may then consider bring out a laptop that will satisfy the needs, such as the mac book air which was design to be extremely lightweight and thin so that it is easy for business men or women to transport it around with them if they had the need to travel to a meeting for example. A business will not be able to survive without carrying out

* An organisation through market research will have a strong understanding of the needs of the customer and this would reduce product failure as new products have a greater chance of gaining success in the market, (Modi & Mishra, 2010).

Market research will help firms to keep tracking the rival companies and its activities. This is because customer survey is part of market research activities. Firms can survey overall consumer segment from the same industry. Therefore consumers using products of rival companies also possible to be surveyed. Through these surveys firms can identify strengths and weaknesses of rival companies. Firms able to design their

The collecting data from market research is one of the most effective ways a company can use to do business. Consumer behavior, current market trend awareness and the competitors will enable you to find a opportunity and run a business that fulfils the consumers desires and needs. Its also allows company to spot current trends in past scenario and what may will come in the future which will help a company to become more prepared and able to reduce gaps and other chances in the market. To communicate with consumers, suppliers and other stake holder’s business decision can reduce risk. Business decision lets company to measure their performance and gives clear view what customers really expect from company.

Market research is to provide information that helps the business ‘to recognise and respond to market opportunities and to develop suitable products to marketing needs’.

Marketing is the process of anticipating, identifying and meeting customer needs and requirements. Market research is then conducted to find out about these customer requirements through primary and secondary research techniques.

Whether your goal is to expand into new markets, introduce a new product or service, or gauge customer reactions, even the smallest businesses can benefit from a simple but well-planned market-research study. Market research helps you to understand your market, your customers, your competitors, and larger industry trends. High-quality research will reveal details about your current customers and will help you to target new customers.