Market research is essential for the survival and growth of your business. It enables you to improve the competitive nature of your business and reduce your risks. This guide outlines the different types of market research and offers some tips on how you can conduct your own effective market research
Far too many businesses embark on projects or ventures without proper market research. All too often, a business failure is said to be the result of 'poor market research'. Good entrepreneurs are in fact risk minimizers rather than risk takers, and market research is the primary tool that enables you to reduce risks.
Why conduct market research?
If you are planning to start a business, or looking for finance, then the people you approach for help will want to see some evidence of market research. Starting a business always involves some degree of risk; good market research will help you reduce that risk.
If you are already in business, conducting market research continually is very important, and should be an integral part of your daily business operation.
Market research allows you to identify threats and opportunities in the market place and provides the information on which you can make informed decisions. The more accurate the information, the better the decision is. Market research therefore reduces the risk involved in making these decisions. It also reduces the risk of not being able to make decisions because you did not have the information at hand (for example, a change in the market that catches you by surprise).
Market research helps you to:
• Identify new products or services.
• Spot or anticipate market trends or changes.
• Determine if customers are satisfied, and if it is not, what is wrong.
• Keep one-step ahead of your competitors.
• Spot trends or warning signals in your own business.
• Decide which advertising medium works best for your business.
• Keep up to date with new technology in your industry.
• Tells you if a new idea is likely to be viable or not, and so on.
Market research is therefore the business tool that helps you reduce the risk of a new ideal failing, and generally, helps reduce the risk of being in business. In short, it helps you both stay in business and build a more profitable business. However, in most businesses very little research is conducted. This is because people are unsure how to perform such market research properly.
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Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2014
Source: buying market research – keynote publications
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This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found within, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.