Market Research and it's purpose for your product

[Deleted member 13140]

Do you want to launch a product? Right off the bat without doing proper market research, Some people barely knows what market research is.. you want to know if Its a good time to launch your product?
This short article will explain market research and It's purpose.

what is Market Research?
A market research is the process for launching new products through rigorous research conducted directly with consumers. It allows companies and brands or even solopreneurs to define target markets and collect statistics and data based on what consumers think about their products. Market research is primarily conducted by the company itself or by third parties with market research expertise.

The purpose of market research is to evaluate the market related to a product or service in order to gather results about how consumers will react to the product. Businesses can try to figure out what consumers like and don't like, where a product is between the product and the product, and how to improve it so that consumers are aware of it. You can upgrade your product accordingly and make changes to your actual product so that you can successfully sell it on the market after launch.

 

[Jasmine]

You will be able to sell your product only when your product reaches the market. However, your product might not sell just because your product is available for purchase. Your products need to reach the right people, the actual people who are going to buy your product. How do know where your customers are actually concentrated. Well, this is where market research comes. You need to research the market and find your customers. Once you know your costumers, you can promote your product to these people. Market research also involves checking other similar products and knowing the tactics used by your competitors.

 

[Mika]

The main purpose of market research is to check whether there is a demand for your products or not. In case there is a demand, market research will allow you to find out where your potential customers are concentrated. Market research will also allow you to see if there are similar products, if there are already a lot of similar products, you will find their market size, product quality, product pricing etc. through your mrket research.

 

[Kingsley]

I really find your threads fascinating, marketing is one area of business i don't task with levity, because I believe if we take out marketing from any business circle then what will be left of the business will be a statue. Marketing is what gives life to a business, because it showcases the product and services a business is involved with. Then again a marketer strategies maps out the target audience and make sure they segment the market and ensures they deliver.

A market carries out alot of research to check what and what are the challenges facing a target location and get the needs satisfied.

 

[btaliat]

Most people are not making adequate gain on their business because they didn't do market research before starting off the business. There is always the need to know how our products will perform in the market before launching it. We should know the category of people to focus on and we should try to put in place some strategies to fight competitors in case there is any.

 

[General01]

This is very vital for the success of marketing your products or services.
I think it should not only be done before start up of a business, but it should be subsequently carried out periodically after starting in order to ensure that the customers needs are being fulfilled.
With this carried out periodically and subsequently the benefits one can draw out of it is uncountable.
It will ultimately and definitely lead to success of the business