Importance of Market Research
Essay of the Importance of Market Research
In my opinion the importance of market research today is bigger than ever. With almost every imaginable item available just through a mouse click it is becoming more difficult for companies to establish a profound sales strategy. The competition of market is increasingly difficult, the offer is often greater than the demand therefore market research is the basis for today's decisions (investment, production, range, recruitment). Through the collection, analysis and interpretation of information about current and future market conditions, it forms the basis for the development, protection and expansion of the sales market. With the use of market research companies can determine the needs, wishes, ideas and buying habits of consumers. They need to know precisely what is in demand in the market, in order to be able to offer the required products or to plan a completely new product given the case that there is a lack in that special product at the market. With the calculated data, the industry can produce, target, sell and advertise their products in a more efficient way. On the other hand there is also a risk of great consequences of a false market forecast: the entrepreneurial risk (high investment and then unsuccessful implementation). But usually the company is limiting the risk of wrong decisions by an intelligent use of market research. In general one can say that the aims of market research are supporting the decision making within the company and also an early and timely identification of trends, opportunities and risks in the relevant markets for the company. Therefore, the market research is now an basic requirement for successful management.
In my opinion the importance of market research today is bigger than ever. With almost every imaginable item available just through a mouse click it is becoming more difficult for companies to establish a profound sales strategy. The competition of market is increasingly difficult, the offer is often greater than the demand therefore market research is the basis for today's decisions (investment, production, range, recruitment). Through the collection, analysis and interpretation of information about current and future market conditions, it forms the basis for the development, protection and expansion of the sales market. With the use of market research companies can determine the needs, wishes, ideas and buying habits of consumers. They need to know precisely what is in demand in the market, in order to be able to offer the required products or to plan a completely new product given the case that there is a lack in that special product at the market. With the calculated data, the industry can produce, target, sell and advertise their products in a more efficient way. On the other hand there is also a risk of great consequences of a false market forecast: the entrepreneurial risk (high investment and then unsuccessful implementation). But usually the company is limiting the risk of wrong decisions by an intelligent use of market research. In general one can say that the aims of market research are supporting the decision making within the company and also an early and timely identification of trends, opportunities and risks in the relevant markets for the company. Therefore, the market research is now an basic requirement for successful management.