Market research is a systematic, objective collection and analysis of data about your target market, competition, and/or environment with the goal being increased understanding of them. Market Research gives a variety of data, related and non-related, which is useful in many decision-making processes. You can get some interesting facts and figures from Market Research Process. Market research is not an activity that should go on continuously. It is not a one-time activity. The Market Research in Internet for the same or different purpose is called as Internet Marketing Research. This is also equally important for the businesses.
The information gained through these researches is information that can guide your most important strategic business decisions. Market research is effective when the findings or conclusions you reach have a value that exceeds the cost of the research itself. For example, if you spend $500 on market research that yields information leading to a revenue increase of $5,000, the research was well worth it. Suppose you spend $500 on a customer survey that uncovers an unmet customer need. You will have the opportunity to offer a new product or service (or alter your existing product or service) to meet the need and gain new revenues. Some of the benefits of market research are:
The information gained through these researches is information that can guide your most important strategic business decisions. Market research is effective when the findings or conclusions you reach have a value that exceeds the cost of the research itself. For example, if you spend $500 on market research that yields information leading to a revenue increase of $5,000, the research was well worth it. Suppose you spend $500 on a customer survey that uncovers an unmet customer need. You will have the opportunity to offer a new product or service (or alter your existing product or service) to meet the need and gain new revenues. Some of the benefits of market research are:
- Guides your communication with current and potential customers.
- Helps you identify opportunities in the marketplace.
- Minimizes the risk of doing business.
- Uncovers and identifies potential problems.
- Creates benchmarks and helps you track your progress.
- Helps you evaluate your success.
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Automotive marketing
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