Market Research
Gathering information about costumer’s need means a set of activities that are carried out in order to investigate the result of production and provision of goods and services in the market. In this research, which is done directly on the customers, it is investigated that what extent a product or service can meet the needs of the customers. Also, the expectations of customers from a product and service are also examined. This research helps organizations and businesses in choosing their target market and the degree of success or failure in the chosen field of activity and supply of goods and products.
Importance of Market Research
Gathering information about costumer’s need is one of the best ways to identify customers, customer’s satisfaction, prevent customer decline and business prosperity. In the following, we mention some of the importance of market research:
1. Providing Information
Market research provides important and valuable information about products, services, customers and target market. Therefore, they help us to adopt the best strategy to carry out our business activities.
2. Customer Oriented
It helps to distinguish the needs and wants of customers. Therefore, our products and services are tailored to the customer’s needs and wants and achieves his/her maximum satisfaction.
3. Predictions
By distinguishing the needs and demands of the customer, as well as by recognition the market and the terms of providing the products, it provides us with a proper forecast of the number of sales, profit and loss.
4. Competitive Advantage
Gathering information about costumer’s need always puts us one step ahead of our competitors. i.e, with our distinguishing of our customers, we always have the best and most up-to-date products ready for supply according to the needs and wishes of the customers.
International Market Research
One of the important branches of gathering information about costumer’s need is international market research. Businesses that intend to develop their production and economic activities and enter the global market, before entering this field, should have done their research in relation to the market of the target country. In this research, the extent of a country’s need to provide a specific product or service, the number of sales, potential customers, and other such matters are examined. Entering global markets without fundamental study and research in this field can make a business fail.
Important Points in International Market Research
For the effectiveness of doing research an international market, it is necessary to observe 4 points:
1. Market Monitoring
In this context, we examine the trend of export and import of goods in the target countries, evaluate the 2–5-year market situation, survey the market situation during recession and economic growth, and consider new markets and businesses for investment.
2. Market Potential
In the market potential, the amount of customer demand, the number of export and consumption of goods, cultural and social factors in the provision and supply of goods and services are examined.
3. Outcome
The outcome obtained from the research and comparison between rival companies will reveal information on the way of offering a product and service and on customer’s choosing a certain brand and their tastes and demands.
4. Marketing Innovation
In this context, new marketing tools are used. In marketing, selection and investigation of the target market, preparation of the market for the provision of goods and services, and identification of sales channels and sellers are done.
The Importance of International Market Research
This research shows us the best and latest job opportunities in the world. It guides us in choosing the best time and place for investment. This research also helps international marketers to choose and apply the best ideas in marketing. In general, the information obtained from doing research an international market provides international managers and business owners with the best strategies for entering the global export and import market, employee development and guidance programs.
Up To Sum
As a result, the importance of gathering information about costumer’s need is not limited to domestic markets; but the first step to enter international markets is doing research a market and the next step is international marketing. The importance of this issue is so great that if market research is not done correctly, the possibility of a business collapsing and going bankrupt will be much higher.
