Benefits of carrying out a market research

According to investopedia.com, "a market research is a process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product."

A market research helps you to know who your customers are. It also let you know what you need to do to gain a competitive advantage over competitors. It tells you who your competitors are and what their weaknesses are.

A market research needs to be done before starting your business. A market research will also let you know what new products you can introduce to the market. You will also be informed about how these potential new products will perform in the market in terms of profits. It can also be done to know if you can change your existing products.

A market research can be done using primary ways (primary research) or secondary ways (secondary research). Primary ways will involve you dealing with the customers directly. A primary research can be carried out via an interview, the use of questionnaires or through the use of a focus group. A secondary research will includes the use of data gotten from databases. Data used when carrying out a secondary research have been previously collected from consumers and then organised, all you will be doing is to analyse the data so that you can be informed about your potential product. You may read this article.

Your business is more likely to get lost if a market research is not done before starting your business. Always remember to ask Allah for guidance (Istikharah Prayer) first. However, it is never too late to carry out a market research so that you can introduce better new products. Without a market research, competitors will have an edge over your business.

That is all for today, thanks for reading this article and keep checking out my blog regularly. Cheers!

Comments

Eid Mubarak

Hope you have a good one

How can your strategy be successful

Hello readers, today I will be telling you about ways to make your strategy a successful one. The scope is your strategy must be fit, in other words your strategy must be consistent with the environment your business operates in. When I say environment, I am talking about both external and internal environments. Thus, you must understand the political, economic, socio-cultural, technological and legal environments your business operates in. The environmental protection that affects your organisation must also influence you when formulating your strategy. Therefore, PESTEL analysis can be used to understand the external environment of your business. The internal environment also needs to be understood, as your strategy must also be in alignment with the internal environment. Understanding your internal environment will help you know the resources your business has, the capabilities of your business as well as the structure and system. The SWOT analysis can be used to help y...

Managing Employees

Hello readers, today I will be writing about managing employees. It is common knowledge that employees of an organisation are not owned by the organisation they work for. Thus, employees should always be treated as humans and not assets. An employee will be motivated to deliver high quality results if the employee enjoys his/her working environment. In other words, employees deliver good results when they work with employees that act nicely, when the working environment is conducive and when managers implement decisions that does not lead to dissatisfaction. There is always a relationship that exists between an organisation and its employees that requires each party to satisfy each other's needs. It is usually perceived as a psychological contract. Thus, both the employees and the organisation will be doing the giving and the receiving. The initial impression that a employee perceives about the relationship between the organisation and employees goes a long way ...

Islam and Business Finance

Search This Blog