Market Research

Market research is a term that refers to the process of gathering information about your target audience and target market. The main role of market research is to help organizations and businesses to have a deep understanding of the needs of customers and consumers. Also, market research is able to compete with other businesses in the same industry and helps analyze issues such as market size, competition, and market needs.

 

In fact, market research is the systematic and purposeful collection and analysis of data on the target market, competition, and environment. Market research is the analytical and statistical techniques and methods that collect and interpret information on a regular basis. This process involves social research in the business environment.

Market research goals:

Study the needs, wants, expectations of each customer

Get customers' reactions to products

Evaluate sales and profit rates from product sales

Study existing marketing problems and opportunities for market development

Suggest and review the introduction of a new product or offer a new feature in products

Design and review the allocated packages of the company's products and change their shape and make them more attractive

Check competitors' prices and advertising methods

Explore and find methods to produce new products

Evaluate competitors' power and policies

Estimate purchasing power in different areas

Find the main target market

Determine the dimensions of problems and find ways to solve them

 

:Benefits of Market Research

Obtain customer feedback on products and services

Validation of product quality

Evaluate and get a real market view

Use market research information to make better decisions

Strengthen and improve the company's brand credibility in the market by reviewing market research data and eliminating its shortcomings

 

Factors considered in market studies:

Market research can be considered as a way to get an idea of ​​customer needs as follows. Some factors that can be explored through this process:

1-Trends in the market: Trends or changes in the market over a period of time are examined.

2- Market segmentation: This section divides the market into subgroups with similar characteristics and requires a distinction to be made between demographics, choices, gender, personality, and so on. Market segmentation is the process by which a market is divided into distinct subsections of customers whose needs and characteristics are the same. Since customers in each department have the same needs and wants, they respond to a particular marketing plan and product in a similar way. Market segmentation helps the organization's resources to be optimally spent on core customers by dividing a large market into smaller segments.

3- Available information: available Information is about the prices of different products in the market.

4- SWOT Analysis: This analysis is about the strengths, weaknesses, opportunities and threats of a business or company.

5- Effectiveness of marketing: Marketing effectiveness deals with risk analysis, product research, customer analysis, competitor, and so on.

According to the above points, it can be said that by conducting market research, a comprehensive picture of the business is obtained, which plays an innumerable role in the management decision and its success.