By definition, Market Research is the process of collecting information on customers. This information can be used for an array of different purposes - market segmentation, feedback on current products, and identifying customer needs and preferences.
Market research is practiced and exists in many different forms. These include surveys (online, telephone, mail etc) and focus groups (paid, non paid). No matter what form, I believe the collection of market research is important and therefore should be completed when the opportunity is presented. This is because market research enables businesses to improve and idealize improvements for both existing products, and identifying needs that stimulate the development of new, innovative products. As companies work to gain customer loyalty through these actions, it creates perfect competition. This is beneficial to society as a whole - it enables consumer choice between similar and dissimilar products at all levels of quality and functionality.
No comments:
Post a Comment