Discovering Market Research: The Definition and the Need

June 8, 2020  1230 Views

Discovering Market Research: The Definition and the Need

Every business enthusiast should be knowledgeable about the different tools that can shape the future of a company. Since not all of us might have had the chance to take a course on market research, it is high time you got acquainted with this fundamental process. 

The becoming of current Market research 

Market research can be simply defined as the process of collecting, analyzing, and interpreting data. It has substantially evolved through the course of history.  

Market research surfaced in the form of simple and direct inquiries. The digital era participated greatly in its evolution. Today, not only did the techniques expand to include multidisciplinary approaches, but also it became easier to target large groups of people through online platforms.

If we could summarize the evolution of this process we could say that nowadays market research as a process and its practitioners have a wide inventory of methodologies that could be easily customized to a client’s specific needs. But, what needs does market research exactly answer?   

The importance of Market Research 

It goes without saying that market research is a vital asset to better decision-making because it provides the company with context.

Before venturing into uncertain paths, seeking professional consulting from marketing research firms is highly recommended. Identifying possible problems with a certain service or product before the launch can help companies minimize and eliminate the risk of pitfalls.

 The firm’s relationship with its consumers cannot be a vertical one in which they just expose the client to the product. Market research can help companies map out a profile of the client’s needs, feedback, and even their whole consumption experience. In this measure, market research can provide a thorough and comprehensive view of the consumer.

On the other hand, getting immersed in the narrow scope of the provider and the consumer can lead the company to forgetting how dynamic the market is. Market research can help the firm avoid such a mistake since it can provide them with an assessment of the market and certain insights about the competitors which they need to stay in the game.

Market research can be tailored to each company’s specific needs but the importance of this process stems from its capacity to help companies predict and adapt to change, detect opportunities of growth, assess consumers, and a company’s ecosystem.

In this synopsis, we managed to have a small walk-through on the definition and the importance of market research. If you have an inquiry about a specific need and how can market research answer it, you are always welcome to reach out to us.