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Market Research is an essential tool to get the voice of customers either for B2B or B2C products. yes, Market research can do that through gathering the data, understand the trends, interpret voice of customers, and then forecast the future.
my believe is market research is the tool that interpreting the past, reading the present and forecasting the future.
Yes, market research is a core function that cannot be ignored in any business mode, Managers will always need market research either they need to calculate,
the market size
target market
target market optimization/audience breakdown
competitor analysis
industry SWOT/PEST analysis
marketing plan
sales potential & sales optimization.
Market Research is the systematic collection and analysing of data regarding customers preferences for actual or potential products or services. Market research is very essential for any organisation who wants to experience growth and maximize profit. With Market Research exercise an organisation would be able to determine; the appropriate use of Marketing tools and techniques, It would enable any organisation to gather information concerning her market, it would also help an organisation to monitor market trend to identify problems and business opportunity. It would also assist in monitoring other competitors and finally, it would enable an organisation to move more closer to her customers to identify their needs and wants which would help an organisation in satisfying them.
