Article by E21 Magic Media
Market research is basically defined as the process of gathering informational data about the customers and market as a whole. It helps in the determination of satisfaction of any product or service. Research if done effectively helps the company gain immense knowledge about its competitors and demographics along with the latest trends of the market and spending traits of the customers. There are two types of research processes in marketing:
This is the gathering of important regulators of effective sales, service quality and other tools utilized in communication along with current business practices. Analysis of the competitors’ strategies is also conducted.
This research includes collection of published data for starting up company database. This helps in situation analysis. Benchmarking strategies are devised in this and market segments to target are determined.
Sales and revenue can be increased by understanding the market thoroughly and this research should be conducted on a regular basis for success. Some advantages of market research are:
- Identification of problem areas in the business
- Understanding of the present customer base.
- New business opportunities are identified along with alterations in market trends.
- New regions for expansion are recognized to increase client base.
- Potential customers are discovered along with their specific needs.
- Market decisions are well informed and effective strategies can be developed.
E21 Magic Mediais a Beijing marketing agency in Beijing that provides marketing research and communication of the markets in US and Asia Pacific.The agency services includehigh-tech pr, corporate communications, event planning asia and many others.