Effective market research, marketing strategies, qualitative research, and research reports remain vital in business development

in Market-research

Effective market research is vital to determine needs of a service, likelihood of a product to sell, demographics of target-market, and desirable market-opportunities. All this information can be uncovered via a myriad of ways like online research to focus groups, counting customers. Clearly, market research can help target market's needs, know your potential customers inside out, and perform the market and competitive studies necessary to provide the information required to make good decisions to the sales team. Market research also remains niche towards assessing the success of new business ideas at the marketplace.

If a company manages to obtain adequate understanding of its customer base and its own competitive position within the industry, it becomes easy for marketing managers to make strategic decisions and devise a marketing strategy that can eventually increase revenues and profits. Marketing managers might opt for a particular strategy to achieve specific objectives, like optimising short-term unit margins, expanding revenues and market share, and ensuring long-term profitability, among others..

Pursuing such objectives, marketers identify particular customer segments intend to target. Customer segments can be selected on the basis of two main two dimensions viz. their potential to grow without proving price sensitive and the resources and capabilities available with the company to cater to the selected customer segments while surviving any cut-throat competition and retaining profitability. A commonly definition of marketing defines it rightly and simply as ‘meeting needs profitably’.

Qualitative research can be employed in a myriad of academic disciplines, not only in the conventional social sciences, but also in market research and other contexts. Qualitative research envisages gathering in-depth knowledge of human behaviour and reasons influencing those behaviours. Qualitative research also helps go beyond mere what, where, when about decision making, and tries to investigate the why and how of decision making as well.

Conventionally, qualitative research can produce information only pertaining to the particular cases studied. Any more general conclusions are merely informed assertions i.e. propositions. However, if qualitative research is complemented with quantitative research, it can be used to seek empirical support for these research hypotheses. But all do not seem agree with this. Some argue that qualitative methods and case study research are sufficient to go beyond the particular cases studied, and carry out hypotheses testing as well as generalizing.

Research reports are equally important in the entire chain, as all the information gathered, processed and analysed should also be presented in proper manner. Research reports so prepared remain vital not only for the incumbent team but also for the team that would be taking over the current team in future and would hence be referring to the research reports to advance their business decisions. One should understand that good research report eventually leads to dependable data, which is based on professionally conducted practices, and can hence prove of paramount importance to make reliable decisions.

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Shilpa_VN has 1 articles online

I am Shilpa, Investor. I am interested in market research and consulting and stock markets. I am sharing article regarding marketing stratgies.

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Effective market research, marketing strategies, qualitative research, and research reports remain vital in business development

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Effective market research, marketing strategies, qualitative research, and research reports remain vital in business development

This article was published on 2012/03/07