Market research allows businesses to stay up to date with evolving market trends and maintain a competitive advantage. Gaining deeper insights into their target market can help them to boost their revenue and their profits.
They can make more strategic choices and be more innovative. Market research and a market research report or paper play a vital role in the success of a business.
- The collection, interpretation, and complete analysis of the market is called market research.
- Market research plays a key role in identifying opportunities and finding out what is the best for you.
- It also plays a significant role in decision-making as you can make wise decisions based on the analysis and predictions made through market research.
What is a Market Research Paper?
Market researchers have to collect, analyze and interpret data. This data will relate to a certain audience, market, or industry. It may include data about economic trends, customer behavior, and competitors. Market research aims to provide a business with actionable insights that can inform their decisions.
It can help them to identify new opportunities, reduce risks, and develop effective marketing strategies. Writing a market research paper can be a challenge. It has to present the findings of the research in an actionable way. Getting a degree in business for students will involve writing such papers.
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This data shows the market revenue generated over the years. As you can see, by the end of 2023, it is predicted that the industry will reach the mark of 83 billion USD.
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Understanding Customer Needs and Preferences
Market research helps businesses to understand the needs and preferences of customers. There are various methods and tools they use to gather accurate and reliable data. The data can help them to understand:
- What do customers look for in products?
- What factors affect the buying decisions of customers?
- Do customers prefer a certain brand, size, type, color, or price range?
Zappos is a brand that identifies customer needs through interviews and detailed surveys. These tactics help to humanize its customer base so they can understand customer needs better.
Starbucks has become the largest coffeehouse chain in the world. It has a novel My Starbucks idea platform for valuable feedback and suggestions from customers. Anyone can visit the website and submit their creative ideas.
Simplr is a customer support solution for growing brands. It offers staffing solutions via remote specialists and AI. As a service-based business finding and attracting the right audience is significant.
The use of digital performance data gives it a detailed view of the fastest-growing brands. This means the sales team can identify, qualify, and prioritize potential companies to reach out to.
In the field of education, schools also need to identify needs and preferences to attract students. Competition for students among traditional universities is long-standing. With the increase in for-profit institutions and remote learning, quick response to students’ needs is even greater. Students want a school with a strong academic record, the right course for them, a great tutor or teacher, and a vibrant campus life.
Identifying Market Opportunities and Trends
Businesses rely on market research reports to identify opportunities and trends. They require a deep understanding of their competitors. When they know their strengths and weaknesses, it helps them to differentiate what they have to offer. Identifying gaps in the market gives them opportunities to grow and diversify.
Lego was a company that used its research to pivot from appealing mostly to young boys. It launched a new toy line to encourage girls to play with Lego. Becoming more inclusive with their merchandising helped them to attract a new female audience.
Wonderbly produces personalized books and needed insights into its competitors and trends. By analyzing competitor audience demographics, it saw that competitors were succeeding in attracting younger audiences. By changing its campaign strategies, it was able to attract more young customers.
It also discovered an emerging trend (weddings and anniversaries) which lead to the development of a new product line. It achieved an almost 70% growth in revenue with books for a more mature audience.
Diversification and entering new markets can be keys to survival. AirBnB’s great success is partly due to how it breaks into new markets. It always obtains detailed insights from research, so it knows what marketing tactics to use for a specific market.
Informing Decision-Making and Strategy Development
Market research can empower business leaders to make more informed decisions. They can make better decisions about product development, value propositions, pricing, and marketing strategies.
Neglecting or misinterpreting research findings could be the knell of death for a small company. It is even difficult for big brand names to recover from research failures.
A noteworthy example of this is Kodak. The company did market research but chose to ignore it. It tried to save money instead of responding to the research. It did develop a digital camera but shelved it when it realized it wouldn’t help to sell its other products. The company’s heavy investment in paper and chemicals made it hard for it to pivot.
Even a company like Coke can misinterpret research. When Coke sales began to decline in the late 1970s and early 1980s, the company thought it was due to taste. They introduced New Coke which had a sweeter taste.
When they withdrew the original Coke from the shelves to sell the new product, they realized they had made a mistake. Market research hadn’t factored in the emotional attachment of consumers to the original Coke. When customers reacted and wanted the original Coke back, the company listened, learned a lesson, and managed to restore brand loyalty.
Market research plays a vital role in driving business success. It gives valuable insights into customer behavior, competitors, and trends. A research paper that presents valuable insights helps businesses with strategic planning.
Ongoing market research is necessary to keep businesses agile and responsive to evolving customer demands. Businesses of all sizes must prioritize market research, as it contributes to long-term growth and competitiveness.