The learner will be able to:
After completing this activity, the learner will be able to:
Why a research report is considered as an important source of communication by a reader. Discuss the implications of a marketing research report from communications perspective.
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Successful businesses worldwide periodically conduct market research in order to stay tuned to changing market trends and to retain their competitive edge. Whether your business is in a start-up stage or in an expansion phase, market research is vital for understanding the critical characteristics of your target market to increase sales revenue, profit, ROI and overall business success.
The importance of market research can be best perceived by understanding the various factors that impact your business.
This includes factors such as market size (in terms of number of customers), sales revenues (for existing products), market segmentation (geographic, gender, personality, etc.), the demand and supply scenario, and other factors.
Insight into Existing Customers
This requires understanding important customer decision-making triggers such as:
Why do customers select your products or those of your competitors?
What value do they perceive in your products?
What is the key decision factor? Is it service, product quality or prestige?
What factors influence buying decisions?
Which magazines and websites do they browse?
Identifying Potential Customers
New customers can be identified by understanding:
Who are likely to use your products?
What is their age group?
What is their gender?
What is their marital status (single, married or divorced)?
How many children do they have?
Where do they reside?
Evaluate and understand the precise needs of potential customers and develop your products and services accordingly. Even existing products and services can be suitably modified based on the results of such market research.
Customer Behavior Patterns
Potential customers may exhibit behavior patterns and preferences, such as a preference for only one brand or switching brands frequently; trying out new products; a preference for products of a particular type, size, color, price range, or other such parameters.
Research can provide you with valuable information about existing competitors, their adopted strategies, impact on target consumers (and their reactions), and other such details.
Identify Business Opportunities
Market research helps identify existing gaps and new business opportunities such as untapped or underserviced markets, as well as changing market trends such as population shifts, higher education levels, increased leisure spends and more.
Resolving Business Problems
A market research company can identify the cause of your business problems, if any, and suggest possible remedies. For example, decreased sales could result from the entry of a new competitor, a substitute product, reduced brand awareness or negative brand image.
Research report properly communicates the study results to client. Entire project results are documented in a research report. Client use the report for the decision making purposes so if it is not communicated effectively it will harm the client or the users of that report.
marketing research can make people feel overwhelmed, by understanding what it is and why it's important can relieve that tensions. There is a difference in market research and marketing research, let me explain.
Market research is when you have narrowed down a specific "target" and you are delving into the behavior of that target. In other words, it's research into a very narrow group of consumers.
Marketing research is different. Different because it's dealing with a broader range of consumers. Marketing research includes "market" research, but it also delves into new product research and distribution methods. The best way to differentiate the two is to understand that marketing research is really about researching the marketing process of a company, not just who they are targeting.