What Is The Importance Of Market Research Before Launching A Product Or Service?


If you make a business venture or already have one, then you should know which is a market research and this is important. This factor is critical because to succeed and to overcome obstacles to commercial level is required to have extensive knowledge or experience.

What is the Importance of Market Research Before Launching a product or service?

What is market research?

Market research is a guide or roadmap that will help you make business decisions , providing market data. Among the data that can be found are, competitors, products, marketing and customers, having a complete research will help develop a marketing strategy.

Thanks to market research can be prevent risks or reduce them to the minimum , allowing determine products, prices and promotions in the world. Once the research is done can establish and better focus resources and materials needed to make them more effective.

What types of market research there?

Now we show you the two main types of research Know them well so you can make the most of these are:. Quantitative and qualitative research

  • Quantitative Research: This focuses on producing numbers, such as what percentage of people buy a particular product on the market and how much is valued. To achieve this production numbers and forms a survey to identify potential risks and increases in demand from customers is done.

  • Qualitative Research: & nbsp; This research focuses on the facts and evidence to discover who think and feel consumers for products and items affecting purchase. On the other hand you can do surveys online, and relying on organizations that provide data on the size of the market.

Among the factors taken into account for qualitative research are the following: consumer profiles, competitor activity & nbsp; and trends in sales.

Importance of market research

If you take the lead in a company is importent to understand why market research is essential to meet consumers.

quantitative market analysis

  1. You get accurate information from customers in respect to the evolution of shopping time.

  2. You can evaluate key trends in order to be prepared for a crucial rafter.

  3. Logras identify new sectors of the market.

  4. To design new items and choose the target market.

  5. The market analysis will help you plan your marketing strategy to employ.

  6. A good market research will allow to have a close contact with customers using social networks.

The importances mentioned on taking them into account gives your success in your business before making a launch of a product or service.

How can you plan a market research?

To have a successful investigation must first be clear about the goal you want to achieve in your company or business. We’ll show you a list of factors that must be applied to make a good research, and have an effective result.

  • If this is a local sales, think or evaluate the movement of people will help you determine which elements attract attention.

  • Talk to customers will be a source of invaluable information , as this can get fixed and potential consumers.

  • Have a full and comprehensive approach, will strengthen market research.

  • Ability to interpret results and not let negative opinions affect your determination.

  • Design and implement the right questions is the fundamental formula for market research.

  • Use tools advertising on social networks like Facebook or other similar as Pinterest.
  • Using electronic devices will enable to have a closer access to customers.

  • Set goals & nbsp; you want to achieve in the short and long
  • .

  • Create an online community that allows you to have a interaction with consumers and can more reviews.
  • Write down all available data and keep it simple.

  • Look for the advice of trained people that can offer timely and accurate support for your market research when making a product launch.

conducting marketing survey

We have concluded this informative post, which aims to increase the knowledge required to conduct market research.

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