Market research predicts how a product or service will perform when it hits the market based on data collected for research. For example, if an organization is trying to target women in their 20s whose salaries are above INR 50,000 for career development, collect data through an in-house research team or a third-party service.
- Identify specific market trends and identify new areas with sufficient scope.
- Envision the feasibility of a product or service before it is brought to market.
- Forecast potential demand for your product or service.
- Better strategize your advertising, promotion and marketing methods and identify areas for activation.
- Identify the focus of the developed product and analyze whether there is room for improvement
Understand marketing research
Marketing research is the activity of collecting, analyzing, and recording data regarding products and services developed by a company. The team follows a clear strategy to collect data and interpret it to derive meaningful insights. This is very important in defining the marketing environment for your product or service.
Main purpose of marketing research
The purpose of marketing research is to provide insight into various trends in the market and customer reactions to these trends and products, allowing organizations to make decisions regarding marketing strategies and products or services.
Source: SDKI Inc official website