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Market research

 

Why is market research important?

 

"Know your enemy and know yourself, find naught in fear for 100 battles." (Sun Tzu)

In order to achieve long term success it is crucial to have thorough knowledge of current market conditions. For this reason every company has to possess reliable and up-to-date information.

In the age of globalization the market conditions are constantly changing, the competition is rising and the product life cycles are becoming shorter. Changes in consumer behaviour call for prompt actions from all businesses.

Whereas market research highlights on key markets and revenue-enhancing measures it also provides an indirect surplus to the economic success of businesses and to the protection of jobs.

 

It can help you in:

 

  • Getting to know your markets

  • Measuring consumer needs and expectation

  • Getting familiar with the price sensitivity of your customers

  • Measuring customer satisfaction

  • Exploring corporate reputation

  • Revealing market gaps and opportunities

  • Finding innovative solutions

  • Exploring and forecasting market trends

  • Obtaining price information

  • Getting to know national and international competitors

  • Choosing the best marketing tools

  • Defining the optimal promotional measures

  • And by all that making the right strategic decisions and minimizing risks

 
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