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Hello Haseeb, from my experience I can say market research has fundamental impact at business (especially if talk about the launching of new products) it determine next:
should you enter at this market (segment of market)…real situation can be simple there the niches are absent already because the market is too taught It is odd but this clean fact is ignored by top-management permanently.
what sources you need to promote your product at concrete market/market segment (it is not about only advertising budget it is also about manpower sources …if there at the market big companies are should you try to compete with them having several sales managers only;
what concrete product the markets expect-from my enter at market campaigns’ experience I can talk the market research confirmed-customers expected new equipment/techs for horizontal drilling.
So, that I can summarize market research determine what concrete product the customers expect, is there niche for the product/service of your company and what resources should you have to promote your product.
The market research was the guide and conductor to my business
Research is the first and basic step in any company strategy. In United Packaging, Market Research helped to understand that there is a significant gap in the market where the clients were demanding for new and unique bottles but no manufacturing unit was interested to listen. Further the Research also helps to break the ice and form a bond with clients which goes a long way in any business.
Its plain and simple, Market research not only helps you to understand where your idea / product stands but also while doing so can help to form a strong bond. It further helps to pitch in an idea to senior management.
way far more valuable than the cost of research, it helps in1- market understanding2- prevented market proposition mistakes by conducting concept tests and pricing studies3- exposure on performance after launch by conducting regular csat study and brand health
