18 Sep Why Conduct Market Research?
Market research helps decision makers shift from intuitive information gathering to systematic and objective investigating. Some decisions, where there is a low cost for error, can be made quickly and based on instinct or other informal methods (such as feedback from salespeople or industry experts). Other decisions, where the cost of error is greater, require market research.
Typical market research studies that are frequently conducted include the following:
- market segmentation studies
- advertising research and tracking
- customer satisfaction or experience surveys
- attitude and usage studies
- brand equity studies
- concept testing
- employee satisfaction research
- competitive intelligence
- market share studies
- mystery shopping
- price elasticity testing
- citizen consultation
When performed correctly, market research will reduce the chances that an organization will fail by providing the evidence needed to make the proper decision.