Market research conducted by
global research firms on behalf of businesses aims to identify the reasons
customers are expected to purchase their product. Market research is also aimed
at studying consumer behavior, including how cultural, societal and personal
factors impact their preferences.
Once businesses decide to conduct
corporate market research, they can
use the results either to come up with an effective business and marketing plan
or to measure the success of the current strategy in place. Marketing research is
also capable of offering businesses a clear picture of what types of new
products or services may drive profitability. So to get market research done in
an effective manner, it is imperative to ask the right questions, in the right
way, of the right people.
The four basic questions market
research tries to answer include –
Who are your customers?
Market research and reports help describe the customers with
respect to their age, occupation, income, lifestyle, educational achievements,
and others.
What do they buy now?
Global market research helps
understand customer’s buying habits relating to product or service, including the
quantity they buy and the favored price points at which they buy.
Why do they buy?
Though it can be a tricky
question to answer, but research on global markets helps delve deep to
understand the customer’s psyche and answers typically depend on the
product/service line of the business and their uses.
What will make them buy from
you?
Market research helps businesses
attain detailed information that's available about markets, sales figures and
consumer buying motivations.
These questions apart, market
research can help businesses understand the characteristics and preferences of
your customers better to make the most of the opportunities to increase sales
and expand their operations. Market research also helps analyse level of
competition in the marketplace to reduce risks in business decision making.
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