Market research is the main pillar of marketing on which decisions are made. Market research is data collection, systematic and targeted data analysis to address marketing problems, products and services that use statistical methods to evaluate business-related activities. Market research will play an effective role in gaining market share in sales and understanding the weaknesses of the business. The purpose of market research is to understand the current situation and identify consumer demands and examine the actions of competitors. Collecting and analyzing data provides a clear explanation of why business succeeds or fails.
What is the need for market research?
The goal of any business is to make a profit and reach an actual customer. Obviously, without conducting market research, it is not possible to have a correct understanding of the customer and market needs. Collecting data on the amount of demand in a market and its quantity and quality, as well as evaluating the amount of sales are the most important things that market research seeks to do.
In a successful marketing plan, it should be possible to divide the market into specific segments in which there are customers with the same needs and desires, which will have a great impact on the optimal allocation of time and resources. Information obtained from market research can be a valuable guide to providing a new product or service that the customer needs. This research can also prevent further losses by proposing changes to the current product.
Activity risk reduction:
research before starting a business in a particular area provides good information about the market, related jobs and product market and is effective in deciding the future of a business. In this way, market research can reduce risk and risk in the business. If, according to the results of research and study of one economic sector, you see the consumer market saturated, you can change your decision before any financial loss and consider another sector for this purpose.
Also, with market research, possible problems in the process of activity can be identified in advance. There may not be a problem with economic activity at first, but they appear during the business creation process. Which can be predicted in advance.
Predicting and evaluating progress:
research can predict progress, and if you have continuous annual research, you will be able to evaluate progress over time and see a chart of business progress over time. What percentage of customers were female or male? What age group were the customers in? Answering such questions in a certain period of time can change the course of activities according to the population.
Topics examined in market
Typically, research is done for the following:
A- Market study – Market research and identification and consumer market characteristics are examined in this section.
B- Product study- Identifying the type of product required by the customer in this research is reviewed and customer satisfaction with the product and possible defects of the product are evaluated.
C – Customer study – The most important part that is examined and analyzed in market research is to identify the interests, motivations, preferences and behavior of customers that provide good information to the employer.
D. Price Study – research shows what a reasonable price is for a product.
Types of research in terms of methodology
These researches can be collected as primary and field researches or secondarily as library researches and statistical sources. Types of research include:
A. Quantitative research
This research has been done with measurable methods and has been obtained from statistical samples. Data collection is essential in this type of research.
B- Qualitative research
Qualitative research seeks to evaluate and evaluate data so it cannot be measured with tools. This type of research deals with the type of behavior, needs and motivations of the customer.
Need a consultant to conduct research
The future of the business and the forecast of the financial situation is an important thing that should not be neglected. Research ensures business success that can provide a bright future for business owners and entrepreneurs. Obviously, in order to conduct specialized and comprehensive research, it is necessary to consult with an expert and experienced staff. Research greatly affects the success of the business and prevents potential losses. Therefore, it is necessary to benefit from the consultation and consensus of experts in this field.