Market Research in a Business Strategy - Essay Example

A new entrant into the market should carry out marketing research. This can be of great benefit to them. First, it will provide them with all the necessary information about the customers and whatever expectations they have about the new product. Besides, it can enable the investor to acquire much information about the market situation. Meaning, they will know about the available supplementary and complementary commodities, their prices, supply and demand. This will make it easier for the business to ascertain the level of competition existing in the market.

By conducting well-organized and coordinated marketing research, the business will reap a lot of benefits from it such as knowing about the necessary steps to segment the available market based on the clients’ geographical, social, political, cultural, demographic, gender and age factors. This will be instrumental in knowing how to effectively utilize the available market without leaving any chance. Once the market is properly segmented, it will be easier to come up with strategies on how to satisfy each of their dynamic demands on the business’ products.

The other important contribution of market research to a business is that it can enable the management to conduct a SWOT analysis to be privy to the organization’s strengths, weaknesses, opportunities and threats. Indeed, these are very important areas which should be adequately looked into before making the right decision on how to conquer the market. By ascertaining its threats, the organization will have to come up with creative and innovative strategies like sales promotion, quality improvement and implementing favourable pricing policies. These can put the business in a better position of counteracting the available competition and enjoying a large share of the market (McDonald, 2007).

In conclusion, marketing research is an essential part of any business. Therefore, it is good for any new business to conduct rigorous market research before launching its operations. It can provide it will viable set of data to be used in understanding the market and knowing everything about the target clients and competitors. Because of this, it will be easier for the management to come up with measures to exercise their dominance over the market. This will improve profitability and growth which everyone aspires to achieve.