Market Research Essay Example | Topics and Well Written Essays - 500 words - 2

Market Research - Essay Example For any new business to know about the market to be ventured into, it is necessary to conduct primary and secondary researches so as to collect qualitative and quantitative data to use in guiding its operations. It is advisable for a new entrant into the market to carry out a marketing research. This can be of great benefit to them. First, it will provide them with all the necessary information about the customers and whatever expectations they have about the new product. Besides, it can enable the investor to acquire much information about the market situations. Meaning, they will know about the available supplementary and complementary commodities, their prices, supply and demand. This will make it easier for the business to ascertain the level of competition existing in the market. By conducting a well organized and coordinated marketing research, the business will reap a lot of benefits from it such as knowing about the necessary steps to segment the available market based on the clients’ geographical, social, political, cultural, demographic, gender and age factors. This will be instrumental in knowing how to effectively utilize the available market without leaving any chance. Once the market is properly segmented, it will be easier to come up with strategies on how to satisfy each of their dynamic demands on the business’ products. The other important contribution of a market research to a business is that it can enable the management to conduct a SWOT analysis so as to be privy with the organization’s strengths, weaknesses, opportunities and threats. Indeed, these are very important areas which should be adequately looked into before making the right decision on how to conquer the market. By ascertaining its threats, the organization will have to come up with creative and innovative strategies like sales promotion, quality improvement and implementing favorable pricing policies. These can put the business in a