Friday, September 28, 2012

Marketing research and its importance

Be it any business, market research is important to sustain the venture in the competitive business environment. Especially, in retail sector market research is essential tool that needs to be judiciously implemented. Retail industry has large number of competitors and every moment they say that 2 new ventures enter the market. Often in the fight to break even, major expenses are overlooked and so are the market dynamics. Market survey helps in identifying the market size, type of consumers and also their spending power. Apart from this information, one is provided with various other details that are crucial in drawing business plans.

Those who are planning to venture into new business operation can take help of market research companies. These companies through the implementation of various tools and techniques understand the various aspects of the market. They provide the much need information and data that helps a business grown and sustain themselves in the competitive market. Most of these companies specialize in certain areas of market like finance sector; retail sector; petroleum and energy sector; and also aviation sector.

The reports provided are generally industry centric and also region specific. As every business is different the reports are on a customized level than generic. With the advent of virtual world, survey companies are also taking the support of online market survey. This provides the survey a longer reach to potential consumer base and is less time consuming. Further, the cost behind using an online market survey tool is generally low as compared to offline tools. Nevertheless, a report should not heavily depend on the online mediums of research.
It should be a blend of both offline and online tools. Online tools, it has been seen, at times are manipulated to a greater extent.
Whichever agency one choses it is essential to check that whether the survey agency holds credentials in carrying out research in that field. One must also ensure that proper tools and techniques are implemented while doing the research work. Too much dependence on the online tools may result in collection of wrong data. These aspects needs to be considered as a market research is essential part of any venture and can damage the business operations if wrong information is used.
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