maketing research,why is it important?
If you can’t measure it you can’t manage it- peter Drucker
That’s right, business base depending on market measurement so let’s take a look on why is it important to measure the market before any new business,
If you starting a new business you should start with researches due the researches are the most important thing you do to measure the market, so what should those researches been about?
It’s about everything related in market like the market, your potential customers and your competitors all these factors and more.
Market study provide you the whole necessary data about what the customers need in the market and also what they want so if you know what the customers need and what they want you will know what you give it to them with taking in your calculating all the factors that effecting in the market and the market swing and that what we called the PEST analyst (political, Economical, Socio-cultural and Technology Factors) and sometimes the security situation effecting in many different ways so you have to analyze all these factors to have a good vision about your market.
Potential customers study is a customer analysis this is very important to know what they need and what they want to cover all these needs and wants, plus, you must analyze the customers behaviors when they buying your product.
If you started your business without studying your competitors situation and the market share they have in the market you’ll facing a major problem in the future you should have to study your competitors and their situation, the market share, the number of customers and if their customers satisfied with them or not. All these elements making you know exactly what you looking for in the market and what you should provide to the customer and finally for sure you will increase your market share and your revenue.
At least what you can measure also is your success so if you can’t measure your success or your fail you can’t manage it and increase the success or decrease the fail.
America marketing Association
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