Is market research important?

**anthony1** · #1 (**permalink**) 10-28-2006, 04:31 AM

Market research is expensive but it is always profitable.It is like doing your homework before you actually launch your product in the market. Do you value market research as a business strategy?.

**ankur** · #2 (**permalink**) 10-28-2006, 03:43 PM

this is very crucial for companies before starting business,
very important to do research before starting any business, scope of business is very essential to know.

**Aspire** · #3 (**permalink**) 10-29-2006, 01:29 AM

A good market research would also bringforth the gaps in the thought process that must have gone in the making/launching of the product thereby giving oneself a chance to rectify for future business plans.

**eXe** · #4 (**permalink**) 10-29-2006, 06:47 AM

Absolutely. You must know who you are selling to & who your competitors are. In case of a web business, here's a very useful related website: nichewatch.com

**ankur** · #5 (**permalink**) 10-29-2006, 06:52 AM

thats really great tool to check in for keyword analysis, probably the best ive seen.

**gems** · #6 (**permalink**) 12-01-2006, 01:39 AM

i have seen that in the present times the companies are concentrating more towards creating value additions for their existing products - they find this more profitable and less taxing to their pockets .
Primarily bcos u already have an existing product and all you are doing is putting some more value to the product which will give customer more than what he is already getting out of the product.
for this there is no real need of research - all you need is a basic understanding of the customer needs and the existing market share that your product earns
as an example u take consumer durables like a detergent - in a 500 gm pack add another 150 gms and offer customer atthe prioe of 500gms
or a bar of chocolate with additional choc moose and more creamy bite
present market takes longer to accept an absolute virgin product unless it is really unique .

thats what i feel

cheers

**Hamish Jones** · #7 (**permalink**) 12-03-2006, 03:38 AM

Market Research is of vital importance if you want to be really successful, no matter what industry you are in.

It'll help you tailor your service and give you ideas on how to position yourself.

A good market research program should also give you an idea of what promotional tools should work for you and your product/ service.

**MrJoe** · #8 (**permalink**) 12-06-2006, 09:41 AM

Market Research is not only important for starting businesses but also for existing businesses that seeks to expand their target markets. It is indeed very crucial as most business decisions shall be based on this.

**ankur** · #9 (**permalink**) 12-06-2006, 09:45 AM

ill explain it with a simple example

your project you planning to create is worth $50000 , isn't it worth spending $1500 to find out possibility that what is success rate of this project, its very obvious market research is the key find probablity to your success.

**etechsupport** · #10 (**permalink**) 12-09-2006, 03:51 AM

I would say yes, market research is important, it enable you to predict a wide range of customer behaviors, competitor activities, wide range of taste and interst and that will certainly going to help you to target your specific market.

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Is market research important?

Is market research important?

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