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Market research is a process of gathering information about a specific target market, competitors and market trends in order to achieve an increased understanding of the subject matter of the research. It is done in order to collate information of consumers demand and their needs. This way, it gives an overview of the success of the marketing plan. It can be conducted either through a primary research or a secondary research. The collected information will be analysed and interpreted to meet the research objectives. These results will then direct the company in the right direction to formulate correct marketing strategies and to make accurate marketing decisions.
Consumers demand is one of the key word within my definition as it is essential to understand the consumers’ behaviour and their needs. By knowing the consumers demand, the company will be able to develop a product that will attract consumers and hence bringing positive profit to the company. Hence by doing market research, the results will be able to show if the company is working in the right direction to meet consumers demand. If the results of the market research show that the company is not able to satisfy the demands of the consumers, the company will then have to make necessary changes to their present marketing strategy in terms of the product itself, the pricing, the distribution channels and the promotions. Overall with the aid of market research, the company is able to be updated with the consumers demand and will then able about to work up competitive strategies to exceed over its competitors.
Increased understanding is another key word within my definition. No matter in terms of consumers or the competitors to the company, understa ...