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Why is Market Research Useful? The Importance of Market Research

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Listen Copyright The Open University. Read Fiona Ellis-Chadwick Market research is important for reducing risk. Theo's Adventure Capitalists Copyright: Six Months On How did our companies get on? Read now Theo's Adventure Capitalists: Taking your business abroad Introducing our guide to successful overseas business, Luciano Batista introduces two models which can help taking your business abroad.

Read now Taking your business abroad. Business adventurer Theo Paphitis tells Sesame magazine about his new role - and suggests we're living through a revolution.

Read now Theo Paphitis: Sharpen your skills Get to grips with the managerial challenges - get to know the Open University Business School. Read more Sharpen your skills. Publication details Originally published: Friday, 15th January Saturday, 1st May Be the first to post a comment Leave a comment. Sign in or create your OpenLearn account to join the discussion.

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Jupiter Images video icon. The Open University video icon. OpenLearn Search website Back to top. Our partners OpenLearn works with other organisations by providing free courses and resources that support our mission of opening up educational opportunities to more people in more places. The main purpose of marketing is to create brand loyalty. Marketing research helps in developing techniques to popularize and retain brand loyalty.

Marketing research helps in testing the new products in one or two markets on a small scale. This helps in finding out consumer response to new product and develop a suitable marketing mix.

It reveals the problems of the customers regarding new products. Thus, it controls the risk involved in introducing a new product. The development in transport and communication has helped in globalization and digitalization of world trade. This has helped in boosting the growth of international markets. Marketing research helps in conducting market survey for export. By collecting data on consumers from different countries, it indicates export potentials.

Marketing research plays a vital role in the decision-making processes by supplying relevant, up-to-date and accurate data to the decision-makers. Managers need up-to-date information to access customer needs and wants, market situation, technological change and extent of competition. You must be logged in to post a comment. An Application of Marketing Research. Skip to main content Utility Sitemap Accessibility Contact us. Main navigation I need business advice Starting your business Business structure Business licences and permits Business premises Leasing business premises Financial management Tax Legal essentials Marketing Employing staff Insurance and risk management Small business workshops Small business advisory service Intellectual property Grants and tenders Innovation Avoiding and managing disputes Managing stress and anxiety Exporting and importing Exiting a business Business Local outreach program.

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You will need to upgrade or access from a different device in order to get the best experience. Define your market research objectives Sources and types of information Collect, analyse and act on the results Successful businesses undertake market research on a regular basis to: Sources and types of information There is a variety of data sources to assist you in researching your: Australian Bureau of Statistics industry and trade publications social media and websites marketing and consumer lists newspapers and media IBISWorld The types of information you collect through these sources may be quantitative or qualitative.

Collect, analyse and act on the results After identifying the source and type of information you need, you can start to collect it. When processing data make sure you: You may need to collect additional information if your results are inconclusive.

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Now that you have understood the importance of market research for your business, why don't you take the next step and outsource primary and secondary market research to a research and analysis service provider like Outsource2india. Get in touch with us today to get started with outsourcing.

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Marketing research is the same as market research. Learn the difference between the two and the steps involved in marketing and market research. The Balance Small Business The Importance of Market Research to Your Business. The Importance of Market Research to Your Business.

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For marketers, research is not only used for the purpose of learning, it is also a critical component needed to make good decisions. Market research does this by giving marketers a picture of what is occurring (or likely to occur) and, when done well, offers alternative choices that can be made. The importance of market research can be best perceived by understanding the various factors that impact your business. This includes factors such as market size (in terms of number of customers), sales revenues (for existing products), market segmentation (geographic, gender, personality, etc.), the demand and supply scenario, and other factors.

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All marketers will agree that market research is important. Because the media landscape is in a constant state of flux and marketers are constantly overwhelmed with data and business priorities, though, marketers tend to shave timelines, do "internal" research, and lose sight of the need for consumer marketing research for their organization. Need and Importance of Marketing Research! The most important task of a marketer is to get the right product at the right place with the right price to the right person. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remains loyal.