What Is Market Research and Why Is This So Important?

Nowadays, every big company have a strong market research programs, but why? Why is this so important and even big companies like Google, Facebook, Coca Cola take care this market research pretty much? Aim of this writing is to find some answers for these questions.

To find answers, first we need to know what market and research means. Market means; a place which enables producers to commercialize their products to the most appropriate customers in a most appropriate way. In this way, customers can reach what they need easily. Research means; a detailed search to find an answer for a question or to gain more knowledge about an issue by using various methods or tools. Considering this information, we suppose to have a plan or organization what we need to be good at market research.

First, market research doesn’t only mean to have information of needs of customers. If we consider successful companies, we can see that they take care of target group, their needs and feedback. After they gather information from customers, they do research on academic resources, related documents, available market researches, and existing company researches about the problem or needs.

They use appropriate articles and databases to enrich data and not to lose any detail about the issue. Of course, they make use of customer perspectives and thoughts to have an idea about the issue, but support with other tools that is mentioned above some of them are strengthen first part of market research.

At this point, those are only tools to enrich our research method. We need to see what the company vision is. It means, we need to know what our target group is, in which industry we want to go with. We can figure out by describing aims and do researches about industry analysis. After that, we must search what global industries do and which one makes them more successful, which one makes them worse. To do this, companies should follow trends in the sector and determines competitive landscapes to make improvements by seeing and analyzing their action plans. It brings an advantage to compete with other companies in the same sector.

To do this, first we need to know those companies, so it is needed to have a research. Maybe creating market segments according to appropriate matter that is needed to deal. For example, determining an action plan according to research data might be effective to minimize risks and find the best way for a company. In this way, we must use a well-organized action plan to know start point.

Well, lastly, still why do we need to do all of them? As seen, market research is important to find the best way to catch up trends in the sector, sector needs and innovations can happen in the related sector. And also, following feedbacks of customers by using some tools as quantitative and qualitative databases, let us find better, effective and innovative solutions to develop our company. Lastly, the other tools such as academic or sectoral researches helps companies to create an action plan and form their visions through the sector. Just click the link to take a look at our work on the subject.