As this increased the companies started using services of market research companies to get important market stats, products research and competitive analysis. As we all know this is not possible without access to important resources that provide important information on market segments we look information for.
This is because of internet and access to useful market stats which they have utilized to much extent. Their success set an example of proper use of market research reports to sustain the growth the aim so your business in Indonesia will grow and expand
Countries such as USA Or European nations such as France, Italy, Germany have used market research companies to full extent to maintain the growth what other nations failed. US companies have used services of market research companies to full extent with better understanding of market information. The same way market survey have played an important factor to know what next they expect from companies and what better they expect.
Main factors for companies lacking the growth and not able to compete in the market can be accessed by the fact that they lack in market updates, what’s new coming up and what future lies ahead for their services and products. This is possible to know only with the help of market research reports and market survey which helps in getting the market facts that is required to be in the market. If we take an example –
You start a hosiery business which is very competitive and new to the market. They will provide market research facts that are required to know how well is the hosiery business ahead, what is the competition, how well are the available sources, how well is the market ahead and how to target new customers for your hosiery products.
Companies who have taste the success or failure they all have understood how important is market research to sustain in the market. The same way market survey is important to maintain the customers and target new customers by knowing them and their requirements the better way.
Firms conducted research in response to problems, such as decreasing profits, failure to reach sales quotas, or customers lost to a competitor. Successful firms, regardless of size, continually talk to customers and study the market.
Marketing research can be proactive to prevent “breakdowns” or reactive to respond to a problem and try to fix it. It is conducted after serious problems emerge may be too late. Forward-looking companies take a proactive stand to help keep ahead of the competition.
Only by doing the hard marketing work, you can get further know about the need of the market, which will be the guide of your products. The products that lack of the research of market will easily cause the problem of poor market because of the disjoint of the products and the need of the customers. It is the essential of all works; you will get the rough idea about the market through the direct research.
The research of market process consists of six steps: defining the problem, creating a research design, collecting data, analyzing data, interpreting the research information and drawing a conclusion. Only with a complete marketing research, you can get the most integrated research result.