Goals of a market research
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The basic aim of market research is to gather decision-relevant findings on a specific object of investigation.
With the help of the data collected, companies can, for example, become better acquainted with the markets in which they operate or which they are targeting and react accordingly to certain situations.
Furthermore, the following objectives, among others, can be pursued with the help of market research:
1. Discover opportunities and developments
With the help of market research and competitive analyses, existing and new markets and segments can be learned about, and the buying behavior of the target group and its needs can be identified.
2. Identify and limit risks
Targeted market research can be used to identify and limit risks at an early stage, such as those arising from the introduction of new products or new competitors. Wrong decisions due to incorrect or ill-considered actions, for example in pricing policy, communication or product design, can be minimized with the help of valid data.
3. Identify trends
How has the market, consumer behavior or even demand changed? What technological innovations and innovations are there? Are there risks or conflicts, or have social values and needs evolved?
Trend research can be used to identify changes in society in terms of new perceptions, ways of thinking or behaving, consumer behavior or technological preferences. A trend basically describes the future direction in which society is moving. As a subfield of market research, identifying trends can help you gather valuable information and stay one step ahead of the competition.
4. Simplify strategy development and decision-making
A market research analysis will further give you clues on how to develop an effective corporate strategy and support you in deciding which products are best to introduce into the market and when. Furthermore, you can use the collected data to derive forecasts for market development and thus react better to market fluctuations.
5. Success control and advertising impact research
Another aspect of market research is checking whether set goals or desired advertising effects have been achieved.
The analysis of whether advertising influences the behavior of potential buyers and whether this results in economic success, such as increased sales, is part of the review that is understood as advertising impact research.
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