Market research contributes to knowledge of business operations.
Market research is a process that allows us to understand business operations . This procedure must be systematic (with a pre-established plan), organized (specifying the details related to the study ) and objective (its conclusions must leave aside subjective impressions).
From the Latin investigare , an investigation consists of carrying out different procedures to discover something. The concept also allows us to name the search for knowledge and the carrying out of intellectual and experimental activities to increase information on a certain subject.
Market , on the other hand, is the social environment that enables the exchange of goods and services . It is an institution where sellers and buyers establish a commercial link to carry out exchanges, transactions and agreements.
Development of market research
When carrying out market research, the analyst must collect, process and analyze information linked to different aspects of marketing . The objective is the development of a strategic plan that allows the launch or positioning of products.
When any company decides to carry out market research about itself and what it offers to customers, it basically aims to achieve three types of fundamental objectives :
- Administrative . In this case, what it seeks is to achieve greater development of the entity. And for this, correct planning , exhaustive knowledge of the needs of individuals and also the control and appropriate use of the resources it has are essential.
- Social , that is, that customers are totally satisfied with the product or service offered by the company. To do this, we try to discover what they need and want in this regard.
- Economic . In the same way, many businesses carry out market research with the clear objective of discovering what level of success or failure they may have if they decide to embark on a new project .
Market research provides useful data for companies.
Your advantages
Starting from all this, and therefore taking into account the characteristics that define market research, it can be deduced that it offers the companies that carry it out an important series of advantages:
- It gives them real and accurate information about the market in general and their position in it in particular.
- It teaches them the bases to make the most appropriate decisions regarding their work.
- It allows them to perfectly discover the needs and tastes of citizens and especially their potential clients.
- It helps them understand how they can change in order to grow and resonate with their audience.
Theories and techniques to develop market research
Economics , sociology , psychology and communication sciences are some of the specialties that provide theories and techniques for the development of market research.
A well-conducted market research allows us to understand what is happening in the market, determine what the main trends are, who the company's competitors are, how the products are positioned and what the consumers' needs are. With this data, decision-making at the management level is facilitated.