Industry or Market Research
Industry or Market Research refers to gathering of data or the information on the market, industry as to how the business is running, flow of the information or the data, who all are various competitors and what new they are doing in order to be leaders in the industry so that the best practices could be adopted and success could be achieved.
The following information need to gather in order to do a successful Industry or Market Research: -
- Market Information – The information needs to be derived for the market as to which is the best place or the market to do the business and how far the business needs to be expanded in this particular region.
- Targeting the right segment of the market – The entire market is being segmented into various segments based on various criteria’s such as age group, gender, usefulness of the product or the service etc. so after doing the complete analysis of the market or the industry, information on the right segment to be targeted could be derived.
- Market Trends – Here the various trends of market moving could be derived such as customer preferences, choices of the consumers, analysis of the risks, research on the products and the services, studying the right marketing mix. The various analysis on product, price, promotion etc studied in a well organized way and manner so that right market research could be conducted resulting to the getting the complete information on fighting the competition.
The right and successful marketing or industry research helps in the following way: -
- It gives a clear picture on the condition of the market – it tells about the number of players in the market which are a threat to the existence of the company with similar product lines.
- We derive a step by step technique to tap the market – Once we get to know the various conditions on the market then accordingly the planning would be done in a step by step way in order to fight the competition.
- Measures could be easily adopted from market research for fighting the competitors with similar product or service lines and industry.
- Defines clear lines on the customer preferences – After analysis of the market research we can find out what the customer prefers and how that preference could be produced in the market with much more added features so that customer prefers our product or service in comparison to the other products or services available in the market.
- Market Research helps in proper planning of resources, sources, manpower, gaining customer preferences and attention.
So we can say that marketing research acts as a tool for all the companies to find out the current trend in the market in terms of customer preferences, products availability, and lack of resources and products that could be brought in the market in order to gain customer attention and stake for it. It is a process that has gained its importance over ages and established its importance in the industry.