I. The Importance of Market Research
Companies are impacted by foreign competition through the price of their resources and the demand for their products. Market research provides the insight to improve daily operations and save costs.
New Product Development:
Nine out of ten products fail. One major reason for such a high rate of failure is the lack of information from consumers or lack of knowledge. Though an innovation may offer consumers more benefits, it may not appeal to consumers in the context of existing products. Market Research helps to minimize risks in business decisions.
Market Research and Competitive Intelligence (CI) allow managers to track competitive developments and to develop strategies accordingly.
Capturing market opportunities is essential for managers. In planning for a company’s development, executives use Market Research to add credibility to organizational plans.