Importance of Market Research for Businesses

Importance of Market Research for Businesses

Importance of market research is often undervalued as many entrepreneurs and startups rely on gut feel or intuition to make investment decisions. As a consequence, more than 90% of the businesses and one of the major reasons is attributed to not conducting a formal market research and feasibility study. 

Findings suggest that entrepreneurs and startups underestimate the power of data and insights and how it can help them in. market research company dubai  assessing the market conditions, competition and consumer potential. Moreover, a comprehensive market research study can provide businesses with a clear picture of profitable products and services and answer specific questions pertaining to the willingness of end-users to buy and consume the same. 

Consequently, a market research exercise helps in formulating a business plan, devising a market entry strategy, identifying target audience and making key investment decisions. Market research can be conducted for either creating a new business / marketing plan or testing existing plans. 

Market Research & Data Collection Methods

The Market Research can be classified into Primary and Secondary Research.