Every business can succeed if it understands its customers, products and services and the market as a whole. The competition is often fierce, and work without conducting research can slow down business development. Why? Because consumers are inconsistent. But should business change in order to maintain the pace of every whim of the customer’s desire? What is that the clients want and what is that they actually need? Is there a way to conduct valid and useful market research to help make informed business decisions? How important is the market research?
The market research is an important component of business strategy and one of the key factors for good competitiveness. In practice, market research often merges with marketing research, but there are differences between them. Marketing research refers specifically to the marketing process, while the market research is rather a photograph of the market. Understanding how effective and efficient a market research is helps businesses grow and expand, and also helps indentifying areas where there are strong and / or weak areas.
The market research provides important information about the size and nature of the market, geographic location of potential users, the structure of the sales network, trend analysis and factors affecting the structure of the market. A good study involves identifying and analyzing market needs and reviewing competition. It clearly shows where and who the potential customers are, and can include information on how they act. It provides information on prices as well as the supply and demand situation.
The market research helps to understand the social, technical and even legal aspects of the market, to gain an understanding of its specifics. It gives clarity about the way the goods are produced and / or traded. Helps to determine whether a company meets the needs and expectations of potential customers and how a product can be marketed. It provides support for strategic decisions for overall performance, the need for design change, price adjustment, delivery method, and even the provision of additional services.
Today, over the Internet, it is possible to quickly and easily reach thousands of people from any target market. It can be approached by two angles: the product offered is the best thing customers can choose and customers are the best judge on the market. The goal is to find a balance of useful information that can be gathered using reliable methods and then the collected information is analyzed. Different analyzes are used: strengths, weaknesses, opportunities and threats (SWOT); of the customers; of competitors; risk, etc. Specifically collected data from originators (customers) and / or data already published and available to everyone (Internet) are analyzed.
It seems easy enough, but access to information actually creates several challenges – the volume of information, its quality, its credibility, appropriate analysis and execution time. Most people are lost in the ocean of information available on the Internet and are unable to analyze specific market information. Sifting unnecessary information and contradictory data from different sources, working with statistics, graphs, and tables often makes the companies to quit making the survey.
There is a need for knowledge, skills and experience for a good market research. Business and business professionals who own them help companies find answers to important questions and develop their business. As a specialist in trade development, we are proud of our successful experience in researching, penetrating and marketing products such as wine, chocolate, construction chemistry, elevators, heating stoves, etc. in the Dutch, Romanian and Czech markets. We are confident that we can help you. Contact us for questions and order your research at office@mwtradehouse.com,+359 885 03 88 03 or use the “Contact us” form.