Market Research Essay Example | Topics and Well Written Essays - 500 words - 2

Market Research - Essay ExampleFor any new business to populate intimately the market to be ventured into, it is necessary to conduct primary and secondary researches so as to collect qualitative and quantitative data to use in guiding its operations.It is advisable for a new entrant into the market to carry out a marketing research. This can be of great benefit to them. First, it lead provide them with all the necessary information about the customers and whatever expectations they have about the new product. Besides, it can enable the investor to acquire much information about the market situations. Meaning, they will know about the available supplementary and complementary commodities, their prices, supply and demand. This will make it easier for the business to ascertain the level of competition brisk in the market.By conducting a well organized and coordinated marketing research, the business will reap a lot of benefits from it such as penetrative about the necessary steps to segment the available market based on the clients geographical, social, political, cultural, demographic, gender and age factors. This will be instrumental in knowing how to effectively utilize the available market without leaving any chance. Once the market is properly segmented, it will be easier to come up with strategies on how to see each of their dynamic demands on the business products.The other important contribution of a market research to a business is that it can enable the vigilance to conduct a SWOT analysis so as to be privy with the organizations strengths, weaknesses, opportunities and threats. Indeed, these are very important areas which should be adequately looked into before making the right decision on how to conquer the market. By ascertaining its threats, the organization will have to come up with creative and innovative strategies want sales promotion, quality improvement and implementing favorable pricing policies. These can put the business in a