Friday, July 23, 2010

Market Research an essential practice for every business Market Research is an important part of every business, before planning anything a research

Market Research is an important part of every business, before planning anything a research is a must. Market Research is problem oriented; it helps in solving a problem. In the same way every business aims at solving the problems of its customers.

Hence it is important to do a market research before taking any step that is related to its customers. The market is filled with current and prospective customers and every person who is doing business should know his market well.

Market research is the best way in which businesses can understand their target audiences. They can come to know about the likes, dislikes and preferences of their targets and accordingly make any changes if required. For instance if a person decides to start a car hire business and keeps his shop shut on weekends then he will not get much business.

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Weekend is the time when people go on short breaks and will enquiry and hire cars the most. But because the business man does not know about his market he will miss on a great business opportunity. In order to avoid such problems a market research is necessary.

There are companies who conduct market research for their clients. Be it the launch of a new product or a survey on how much price are people willing to pay for their favorite brand etc the scope is huge and the results are of great importance. Every business is highly dependant on market research. Working without doing market research is like getting in the middle of sea without a compass.

2Europe is providing marketing research support to the
healthcare sectors. Healthcare market research helping healthcare
associations to monitor the development of competing brands and the fast
moving healthcare sector.

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