Importance of Market Research

Market Research

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Market Research is essentially a combination of two words: Marketing & Research. Marketing is basically concerned with the target market & the marketing mix used for that market i.e Product, Prize, Place & Distribution Whereas Research is commonly defined as a systematic & intensive study directed towards a more complete knowledge of the subject studied.

The American Marketing Association defines market research as: “Market Research is the function which links the consumer, customer and public to the marketer through information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance and improve understanding of marketing as a process”.

  • Target Market: Choice of target market; size; consumer behavior, competition analysis.
  • Product: Satisfaction level of customers with the product level; desirable product specifications/features; features in comparison with competitive products.
  • Price: Willingness of the consumer to pay the price for the product; prices of substitute products & willingness of the consumer to opt for them.
  • Promotion: Promotional mix i.e advertising, sales promotion; frequency of campaigns, pesonal selling, word of mouth publicity.
  • Place: The type of channel to distribute the product, benefits offered by the competitors, support services provided by the channel.
  • For marketers, research is a critical component needed to make good decisions. It allows marketers to have a picture of what is occurring (or likely to occur) and, when done well, offers alternative choices that can be made.
  • It allows companies & marketers to get the right product to the right person at the right place with also the right price.
  • Market Research in Dubai is useful in enhancing the decision making capabilities of the marketers as per the changes in the market conditions.
  • Market Research provides valuable data about consumer behavior by providing market related information and assisting in using various promotional techniques.
  • Market Research helps the marketers to evaluate marketing performance as it can be used to find out the effects of product features, price, promotional activities, packaging, brand name etc. on sales.
  • In the age of IT, data is everywhere and is in abundance. Market Research in Dubai helps marketers to gain an information advantage as organizations recognize the power information has in helping create and maintain products that offer value and gain even more insight into customers and markets.