Why organisations conduct market research
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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The purpose of the study is to investigate why organizations conduct market research. Market research is ascertaining the feasibility of a new product or service through conducting research with potential suppliers and customers thus acquiring information about their wants and preferences. This process is broadly regarded as the most significant element to consider when planning to start or upgrade a business. It is critical for new start-ups and should be a vital element of any entrepreneur's business plan. Market research has a number of significances among which include; equipping a business manager with the information required to make conversant business decisions, understanding customer’s wants and preferences, and observing the organization’s competitors among so many others which are going to be discussed in detail in this essay.
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why organizations conduct market research: a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of market research, the methods used to conduct it, and how it is applied to organizations.
- Gain insight into the various roles of market research, how it is collected and analyzed in organizations, and how it boosts decision-making as well as the growth and development of any organization
- Apply market research to practice and organizational settings.
1.0 INTRODUCTION
Market research is a way in which information about the product, customer, and market is gathered to help understand the extent to which a new product or service will be a success and direct all resources towards achieving success. Market research is carried out for a variety of reasons among which include equipping oneself with the knowledge needed to make viable decisions, it is also a vital component of the planning stage of a business among so many others that will be looked at in this essay.
Market research is critical especially when starting up a business because it helps in drafting effective plans, be it marketing, financial, or sales planning. Grasping all about the market a business is intending to venture into is one of the reasons why market research is vital for companies seeking to make well-informed decisions. Important to note is that if a business conducts research before venturing into a market, its chances of survival rise by more than 30% compared to one that hasn’t carried out the research.
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