A key market research tool, focus groups can deliver deeper insights into how consumers interact with products, brands, and services. Market research is a very important step for all startups as, amongst other things, it helps you understand whether your offering is likely to generate demand. Here are some of them: Excellent market research and quality decision making based on the facts received from marketing research will ensure the sure survival of your company on the market. Advantages or Benefits of Marketing Research: The knowledge about the consumers and their preferences, competitors and their products, various markets, supply and demand position, public or society’s acceptances or rejections of new or modified products and so on is essential not only for the firm but for the marketing management as well. That will depend on the acceptance of the products by the consumers. Correlation vs causation – don’t let them fool you, Flawed research methodology – don’t get fooled by it, Misleading graphs in statistics – how not to get fooled by them, Cherry picking data – don’t get fooled by misleading statistics, Misleading statistics and how to spot them – consider the data sources. This market research included studying the girls’ playing habits and extensive questioning regarding what would make Legos more interesting for girls. It can be security, a fast and tasty meal or the assurance of top technology. Market research guides your communication with current and potential customers. The Benefits of Market Research While there are many intangible benefits of market research on your current and prospective clients, such as better targeting and a more accurate understanding of how your firm is viewed, there is a much more tangible and direct measure of benefits. Advantages of Secondary Market Research 1) Time and Cost effective : Usually time and cost required to collect secondary data is less than efforts required to collect primary data. Conducting market research for a business can provide you with several advantages as a business owner. Blackpool Lancs FY3 9LT, Please enter your email to subscribe to the Happy blog. Marketing Research: Concept, Objective, Advantages and Limitations! Here are some key advantages of the internet market research process: Better Communication with Industry Audience Effective market research will get you better insight about the needs and preferences of your audiences. Marketing research helps in collecting information on consumers from structured distribution research and helps in making marketing customer oriented. Through market research, you may find all the information you need to decide whether to take action or not. The market research is a management tool and it provides useful information concerning the current market trends. The value of marketing research is that it helps you learn more about your customers. Now lets discuss the advantages and disadvantages of Primary Market Research to the marketer. In-house staff will need to devote many work hours to collating data. If you treat your market research as an ongoing exercise that you do periodically, you’ll find that you’ll have a lot of data to be able to analyse your customers and establish any particular trends. The survey may generate sales leads. Often this happens when a business targets aniche market. Uses of Market Research The Benefits of the Market Research There are many benefits for entrepreneurs and small businesses when it comes to the market research process. Benefits of Market Research. Also as the customers are grouped as per their needs, commonalities, choices, statuses, etc. The information you find can guide your most important strategic business decisions and usually, if done properly, the findings and conclusions you reach have a value that exceeds the cost of the research itself. Directly focused on research objectives = fit for purpose. The main purpose of the market research is to help a business find a position in a part of the marketwhere itcharge a reasonable price and to earn reasonable profits. Every brand needs to make a promise. You are closer to your current and potential customers You understand better your customers – their … Market research is an organised objective assembling and analysis of data about your target market and competition, with your overall objective being to increase your understanding of them. 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