Market research contributes to understanding how a business operates.
Market research is a process that allows us to understand how a business operates . This procedure must be systematic (with a pre-established plan), organized (specifying the details related to the study ) and objective (its conclusions must leave subjective impressions aside).
From the Latin word investigare , an investigation consists of carrying out different steps to discover something. The concept also refers to 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.
Developing a market research
When conducting market research, the analyst must collect, process and analyze information related to different aspects of marketing . The objective is to develop a strategic plan that allows for the launching or positioning of products.
When any company decides to carry out market research about itself and what it offers to customers, what it basically aims to do is achieve three types of fundamental objectives :
- Administrative . In this case, the aim is to achieve greater development of the entity. To achieve this, proper planning , exhaustive knowledge of the needs of individuals and also the control and proper use of the resources it has are essential.
- Social , that is, that customers are completely satisfied with the product or service offered by the company. To do this, an attempt is made to discover what they need and want in this regard.
- Economic . Similarly, 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.
Its advantages
Based on all this, and taking into account the characteristics that define market research, it can be deduced that it offers the companies that carry it out a significant series of advantages:
- It provides you with real and accurate information about the market in general and your position in it in particular.
- It provides them with the bases for making the most appropriate decisions regarding their work.
- It allows them to perfectly discover the needs and tastes of citizens and especially of their potential customers.
- It helps them to understand how they can change in order to grow and make an impact on their audience.
Theories and techniques for developing 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 you 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 needs of consumers are. With this data, decision-making at the management level is facilitated.