According to the ‘Marketing Research Association,’ market research is the ability to provide important information to companies that in turn supply products and services. Market research thus assists these associations by enabling them to recognize and fulfill customer needs and requirements consequently facilitating the associations to develop the value and effectiveness of their assistance and directs their decision making.
The value of market research is immense because market research can provide an influential objective analysis from the perspective of customers and prospective customers and offer reliable statistics along with the knowledge required for putting marketing options and business judgments on a firm profitable base.
Systematically conducted research facilitates more promising markets and has the potential to increase their chances of success in local as well as international markets.
By Researching potential markets potential businesses can find where the products are most likely to sell and also aid in recognizing market sectors and their positions. The research will be able to verify not only the domestic but also the international competitors and assist them to discover how to overcome the difficulties or obstacles in entering the market. The research is crucial in gaining perception of the needs and requirements of the potential customers which ultimately the fulfillment of which is the goal of any marketing strategy. This can be accomplished by identifying the latest trends in the market and consequently launching the products or services with fair market prices to gain a foothold in the market.