10 Benefits of Market

Research

Knowing your competitors and what they offer can help make your services and marketing stand out. Sure, survey research enables you to set your prices competitively, but it also helps you learn from your competition---and do things better.

1.Market Research helps businesses strengthen their

market position

2.Market Research minimize any investment

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Market research surveys help minimize risk to obtain consumer insight and gain competitive benefits.

3.Market Research identifies potential

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Market research can identify market trends, demographics, economic shifts, customer's needs By gathering survey research about your business concept, industry, potential..

4.Market Research helps businesses discover their competitors

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Strengths & Weaknesses

5.Market research facilitates planning & strategy

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Capturing competitive advantage: using insights about Your Consumers to Plan Strategically

6.Market Research assists businesses stay ahead of

competition

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To remain successful in business, you must continually innovate

Market research gives you useful insights to help guide your business decisions

7.Market research provides revenue survey projections

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8.Market Research focus on customer needs & demands

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Customer focus should be treated as a subset of the corporate strategy rather than the sole driving factor. This means looking beyond current-state customer focus to predict what customers will demand in the future, even if they themselves discount the prediction.

Unfortunately for marketers, consumers have different needs and demands. Understanding what motivates consumers to choose one brand over another is not always apparent. One marketing tactic that companies use to understand consumer needs is to conduct a focus group.

A demands is the desire for products or services that are not necessary, but which consumers wish for.

9.Market research helps the success of business against benchmarks

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Successful businesses undertake market research on a regular basis to:

• Identify potential new customers• learn more about existing

customers.• Inform their decisions regarding

existing and new products or services.

• Better understand their competitors.

• Test new markets.• Identify performance, pricing or

promotion opportunities.

10.Market Research identifies challenges to market growth

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A business performs a market analysis to identify its customers along with their various needs and wants. A crucial aspect of a market analysis is finding the market growth rate, which refers to the rise in sales among your customer base over a given period of time.

By understanding your market’s growth rate and how it relates to your sales growth rate, you can evaluate the success of a given product or service and make important decisions about marketing your business moving forward.

That’s it folks

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