Name: huynh thi cam nhung Class: 12cnatm03 MARKET RESEARCH-THE SUCCESSFUL KEY FOR BUSINESS World markets are changing everyday.To be successful in business, you must think about how things are changing. So, market research is a vital and important factor for business, and should not be just a one-off activity. What is market research? To understand it, you must know “what is market?”. The exchange between the seller (supply) and buyer (demand) for particular goods or services, is called a market. But market changes constantly day by day, businesses must have a clear understanding of both the supply and demand. That searches information about the changes of market is market research. It provides a comprehensive view of consumers for businesses in order to develop products or services that satisfy their needs better than the competition. But “why do companies do market research?” The last purpose of business is to make profit or increase sales, so business owners research for four reasons. Firstly, indentifying potential customers.You must know: “who is going to use your products or your services?”, “what are they doing?”, “where do they live?”, “Do they have children?”, “How old are they?” and so on. Potential areas of opportunity within an international, national and local context can also be identified.Potential customers will bring big profit, so it’s very important. Secondly, knowing the demands of customers is to creat products or services that suit with market. For example: our product is the old phone and has not eye-catching shape. So, when the standard of life increases, people will want to have a new phone that is more modern and more functional. If we don’t want to eliminate, we must innovate our product. The thirst reason is to inform about competitors for businesses. Who is the key competitor?, what are they doing?, and How is their market share?. As you known “dog-eat-dog”, to “stay in business” like to fight in battle field.When you understand competitors and the key competitor, you can willing to face with many unexpected situations. And the last reason is to expand market or research new market. If you want to develop your product, you must have a large market to consume it.It’s not enough to buy it in domestic, you should advertise your trade-mark in over the world.Market research helps you identify areas for expansion and test the market’s readiness for a new product or service. Market research involves the capture and analysis of consumer, competitor and market trend data. Market research is very necessary, but “What cases are businesses do market reasearch?” It has 4 cases: • Deciding to open new store in another area. • Entering a new market. • Reaching different customer groups or new potential customers. • Making a new product. When a new product is produced, if you don’t know the market trend at present or the area’ culture, people will don’t buy it. Therefore, your sales will fall and you profit will fall. You can face with bankrupt. Because of many reasons above, market research is vital to understanding your target market and increasing sales. Successful businesses conduct market research on a continual basis to keep up with market trends and to maintain a competitive edge.Market research is vital to understanding your target market and increasing sales. In era of opening company, it is known as the key successful for business and companies have to look at the big picture before they start planning a marketing campaign
Posted on: Sat, 31 Aug 2013 03:37:11 +0000