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Market research - takes one's business to the next

Time:2011-06-09 15:26:44     Views:     Keywords:Market research - takes one's business to the next level!  

Market research - takes one's business to the next level!
With incentives for exporters slowly being withdrawn, it is perhaps time for businesses to work out new strategies to succeed in a highly competitive global scenario. And the best way to succeed is to take up a thorough market research vis-a-vis one's products/ services.

Invariably, the ultimate goal of any company is to sell its products or services to its customers. To be able to achieve this primary goal one needs to understand one's customers and their buying behaviour. Businesses need to gather, analyze and interpret information on customers, market, market niches and competition. Undeniably, today, market research is an integral part of any business planning.

The first and foremost step in this direction would be to understand one's existing and potential customers. Try to find a suitable answer to the vital question: 'Why would he buy from me?' Moreover, a business must take into account the sensibilities of the end users while making their marketing strategies.

Any marketing guru will tell you that to do business without knowing the requirements of your customers is like shooting an arrow in the dark. Now, the question is: are you aware of what the end user sees or wants from your product or service? If not, you are missing out on a lot!

For an exporter, market research can go a long way in identifying several issues and help in discovering opportunities existing in the current markets or in the imminent future. Market research can help evaluate various decisions taken earlier by the management and subsequently to look for alternatives that best define the company's goals.

Exporting will always be mired in problems and issues which can be successfully negated thorough market research. Identifying the potential of a particular geographical market and to understand strategic control of that market by competitors is imperative for a business to succeed.

Market research can provide value accretions to businesses which provide both sustainability of business and viable returns based on accurate decision making mix. Market research can give a company the advantage of taking major decisions related to its product range, pricing, promotional measures and distribution channels.

So instead of crying over the decisions taken by the government to scrap schemes like DEPB, we need to see the positives and move on. Our success is in our own hands and to succeed, one needs to do a lot of planning! So are you ready?

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