Market research is often mistaken as determining consumer likes and dislikes. This definition, however, is only part of what comprises a market.
What is a market?
A market is your customers, channel partners, product consumers, competitors, suppliers, as well as short-term and long-term industry considerations often impacted by more broad economic and global factors. If you’ve not studied the market you may be operating in a “historical” market, rather than a current one.
What are benefits of market research?
Market research is useful at almost anytime, but is critical in highly competitive business environments. It’s also valuable when you want to reinvigorate a business. Good market research and analysis should provide some risk assessment and help formulate short-term and long-term strategies. When done by a marketing expert, marketing research can help your business compete better and increase your business’ market share.
Market research is an essential business planning tool that provides necessary information to avoid costly missteps or even market obsolescence.
Contact GREENCREST for more advice about marketing and market research.