Set up a limited firms about sports - Essay Example

However, some business manages to enter the market successfully because they conduct research before venturing into the market. Market research is imperative because it helps the business overcome some challenges towards a acquiring a competitive advantage. Market research is vital because it helps an entrepreneur to establish and identify new business opportunities such as areas where there are fewer ventures (Wilkie, Johnson & White 2015). The aim of business is to make a profit with minimum input, and new opportunities are critical to achieving the goal.

Similarly, market research helps businesses to design a marketing campaign that meets the interest of the target consumers, and business needs to increase revenues from sales (Wilkie, Johnson & White 2015). It provides valuable information about the targeted market and its segment as well as real-time information regarding the intended market (Wilkie, Johnson & White 2015). For this reason, it is very crucial because it assists business in reaching the intended consumers through a marketing campaign.

New and existing business use market research to know the performances of their organizations and that of the competitors (Outsource 2015). Similarly, it is vital in comparing the organization with others through tracking the progress made as well as the competitors. Through this, the business can devise a competitive strategy that makes it gain advantage over the rest. In many occasions, new business fails because they do not know and understand the operation of the market as well as the strategies employed by competitors in the market (Outsource 2015).

This makes new business to use old methods, which are not working to expand their market share. For this reason, conducting market research is important because it helps in monitoring the progress made as well as strategies used by the competitors towards gaining market share. Market research is