Market Research

Market research is a set of techniques used to gather information and better understand an organization’s target market. Businesses use this information to design the best products, improve consumers experience, and craft a marketing strategy that attracts a quality audience and shoots up conversion rate. 
 
An enterprise business faces many marketing problems. It faces problems about consumers, product, market competition, profits promotion, etc. Marketing search helps to clear up these problems. Market lookup is a systematic process. It first collects statistics (information) about the advertising and marketing and advertising problem. Secondly, it archives this data. Then it evaluates (studies) this information and attracts conclusions about it. After that, it gives suggestions (advice) for fixing the marketing-problem.

Importance of Marketing Research (MR): 

 

●     Reduces the risk involved in decision-making: 

It assists in reducing the risk involved in marketing strategies and  decisions by providing current information and market knowledge about the business process. 

 

●     Production of New Products 

By advertising research, the advertising and marketing supervisor discovers new makes use of of the merchandise of the corporation business enterprise and can generally publicize these choices, makes use of its objects and choices amongst the consumers and can create new markets and new wants for its products, which in flip help in developing credibility and profitability of an enterprise.           

 

●     New Uses of Products 

By marketing research, the marketing manager explores new uses of the products of the business enterprise and can widely publicize these alternative uses of its goods and services among the customers and can create new markets and new demands for its products, which in turn help in increasing credibility and profitability of an enterprise. 

 

●     Studies consumer behavior 

The most essential function of market lookup is to locate out about the consumer’s behavior like habits, tastes, attitudes, likes, dislikes, etc. Learning helps the agency in grasp of its consumers -Who are the customers? Why do they purchase the merchandise of the enterprise? When and the vicinity do they purchase the products? For what motive do they purchase the special products? This truth helps the employer in deciding its marketing and advertising policies, methods and programs. 

 

●     Selection of Channels of Distribution 

With the help of market research, the marketing manager chooses the best channel of distribution for their products and services to meet the expectations of the consumers satisfactorily. 

 

●     Evaluate Market Performance 

Market Research helps in evaluating the effect on price, package, enterprise name, etc. on sales. It is used to detect consumers’ response towards the company’s product. It is used to think about the inventory and pricing policies. It is moreover used to think about the effectiveness of advertising, earnings advertising techniques, channels of distribution, etc. Thus, it helps the organization to think about its marketing and advertising and marketing universal overall performance and to take steps to beautify it. 

 

●     Existence in competitive situation 

Market lookup collects and analyses the statistics in perception of objects and choices supplied through ability of the opponents to the consumers. It researches their advertising and marketing insurance plan insurance policies and programs and evaluates the effectiveness of their insurance policies in the market. It helps the enterprise in figuring out its marketing insurance plan insurance policies and programs. It moreover helps in making necessary changes from time to time in these insurance plan insurance policies and programs so that the commercial enterprise company may additionally face the opposition very successfully.