Market Research
Market Research assembles disconnected relevant information into a coherent picture of a market. Market Research is the map a company should have before embarking on the road to a new market. To provide maximum utility, its scope should be customized to the company and its intended use.
Market Research sounds fancy and expensive, which gives organizations unfamiliar with it an excuse to skip it. In reality, while some consumer research can be fancy and expensive, the basic scope outlined here is affordable.
Why Do You Need Market Research?
Market Research is a tool used to qualify an investment for business growth. At a typical cost of 2 to 5% of the investment in New Market, New Product or acquisition, it is an indispensable and inexpensive insurance policy against wasting resources on the wrong opportunity. Entering a new market or doing any of the activities listed on the right without first conducting Market Research is akin to investing on the roll of a dice.
Market Research is critical to developing a business plan anchored in reality, as the market is the only parameter the company cannot modify. The value of Market Research does not stop at the investment decision. Market Research continues to provide guidance in planning and execution of the growth initiative.