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Market Research In Business

Satisfactory Essays
According to The Times 100(2014) market research involves gathering and analyzing information of consumers, competitors and market trends. Market research is essential for any business to stay up to date due to frequent change in market activities, businesses should have good understanding of supply and demand of the product they are dealing with. The main purpose of market research is to deliver a business with an extensive view of consumer needs so that products should be developed and services should be provided which can meet their needs.

Doyle and Stern (2006) also state the role of marketing research in order to retain customers and fulfil their needs. Stability, development and profit of any business totally depends upon the ability of management to orient the organisation by meeting the needs of the customers. Day (2005) states that market research also help businesses to identify different opportunities and if a business is planning to start a new service or offer a new product to customer, identifying is very much important and essential to make sure the progress of product is stable and highly focused towards demand. Market research is the only way where progress is measured in terms of customer satisfaction for their current service with customers opinions and recommendations for new products to be developed. The Times 100(2014) discuss the role of marketing research in market oriented businesses as the demands for the product can fluctuate and it is important for the company to forecast any upcoming downfalls to be able to successfully tackle them.

According to Brandenburg(2013) market research provides a background to have a look into your market, which shows your target markets previous habits of purchasing and ...

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Conclusion
Smartphone industry is one of the main industries in today's world. Market research is important not only for this industry but for any other industry dealing with any product. It becomes more important in today's world is because there are a lot factors which can change from customers perspective as well as business or economic perspective. Any change against the product could mean disaster for any big company, this is why the importance of market research is emphasized in the first part of the essay and what different authors have to say about it. External factors like step factors play a huge direct role for the success or disaster of any business or industry. All different external factors specifically for smart phone industry have been discussed in detail from legal to social and technological to economic factors.