It is a very important component of business strategy each business need it own market research it cannot be common for the all business market research vary from the business to business .Only the professional & skilled Market researcher team can provide unique solution to the business that why we are here .
The types of media used in Advertising can be broadly classified
WHY & WHEN THE MARKET RESEARCH IS NEEDED?
Why Market research?
The main object of all the business is Profit to achieve the great success & profit in the business you needs accurate, up-to-date information about your customers, markets, and competitors. Market research is the only way that will help you to get the solution for these, it is very essential to achieve continues growth for any business. It provides relevant data that help to solve marketing challenges of the business it is the integral part of the market planning process for any business.
A good market research allows the company to determine whether it has been able to satisfy its customers or not also it help to know where the organization is standing. It provides the company with valuable information about the various factors hat affecting the business. A good market research helps the company to formulate plans, take necessary measures and decision to evaluate performance.
Advantage of Market research
WHEN THE MARKET RESEARCH IS NEEDED?
- Main thing of the Marketing research is it helps you to evaluate the strength and weakness of your business
- Market research minimizes the chances of loss to a great extent
- It Helps in finding the way to provide the good service that will satisfy the consumer
- Help to avoid the communication gap & identify new opportunities
- Market Research help To Gain A Competitive Advantage & reduce marketing risk
- Will create benchmarks to help you measure progress.
- Helps to know about the various moves of the market (Current trend) and the mood of customers. Like preferences, motivations, and buying behavior of the consumer
- It provides strong foundation for the decision making & helps the company to formulate more effective strategies
- Market research helps to know about competitor's strength & the weakness and also help to find the new promotion techniques which might be most effective.
It very necessary to think about the market research.
- When you are going to launch New Product, Business etc..?
- And to survey in the business in competitive environment
There are the many reasons for carrying out market research. The main purpose of any market research project is to find out detail about who we are? & where we are? in the world wide markets The Effective Market Research should provide relevant, accurate, reliable, valid, and current information to the management & it should take place in the different stages of the business for the constant growth in the business.
It is very essential to when ever you want to know about the?
Through Market information one can know the prices of the different commodities in the market, as well as the supply and demand situation.
Market segmentation is the division of the market or population into subgroup it helps to focus on the particular customers.
Segmentation is based on geographic differences, personality differences, demographic differences, techno graphic differences, use of product differences, psychographic differences and gender differences.
Market research should be take place to find the current Market trends to find the upward or downward movement of a market, during a different period of time.
When the Effective Market Research should be done?
Characteristics of Good Marketing Research
- When a company is deciding to go for new market, new product or service? Or when think about the changes in existing product or service?
- When the companies like to discover the reason why the product or service is not doing too well?
- Marketing research is needed before doing advertising campaigns. It help to avoid the waste of the time & money
- Marketing research is needed to understand your target market, in terms of their demographics (age, income, geography, gender, etc.) or their psychographics (hobbies, values, preferences, etc.) Once you understand this, you can market much more effectively.
- It is needed when you like to get the feedback from the public about your service & product
- It is needed whenever you want to know the effectiveness of advertising concept or even a new product or service before you investing huge money in launching an advertising campaign.
- It is needed when you want to know about the :
- The helps to find likes and dislikes of the customers,
- It help is fixing price & marketing mix
- To Help to find how many people might buy your product.
- o Helps in when ever you like to finding the profile, places of the customers,
- It is needed in the time of financial Crisis because it help to reducing business risks and formulate the new business strategy that enable you to develop future action points for the growth of your business
i-Net Solution & MARKET RESEARCH
- Effective marketing research should utilize the principles of the scientific method which includes the use of observations, hypothesis, predictions and testing. It helps to collect the useful data's and the data's must be implemented properly for the extreme results.
- The systematic planning is required to conduct the effective research so be creative in think "outside of the box", and be open to the innovative ideas.
- Should Use multiple methods of research to cross validate and check result which you have found?
- Research should do based on the costs of marketing research against both the short and long term benefits expected.
- A good Market research
- It should able to Define the marketing problem
- It should able to find the controllable and uncontrollable decision factors
- It should Collect relevant information & Identify the best alternative
- . It should help to Develop and implement a marketing plan
We strongly believe that market research is mandatory for the successful business because it is the foundation of all successful business ventures it provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows business owners to determine the feasibility of a business before making any decision
Each business need it own market research style it cannot be common for the all business market research vary from the business to business .Only the professional & skilled Market researcher team can provide unique solution to the business that why we are here
Our profession skilled team members are very good in
- Understanding customer wants and needs
- Good in Analyzing the factors & Assessing the marketplace
- Identifying emerging growth trends and opportunities across various dimensions including: economic, technological, financial, cultural and other market segments, competitive, partnerships and alliances, and customer value attributes
- Outstanding in evaluating performance & execution gaps
- We will come with unique solution to our client after effective market research
When you think about the business? Your first priority should be market research & when you think about Market research your first priority should be i-Net Solution