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Running Head: BUSINESS 1

MARKETING 6

Is Market Research and Analysis a Must so as to Achieve Business Success?

Briana Castillo Valdes

Grantham University

Introduction

Marketing is one of the factors if not the main factor considered by business before making decisions on investments in new market environments. One of the first things that any business or company should consider doing is the market analysis. Market analysis involves a deep assessment aimed at discovering the potential with the target market (Mouncey, P., 2007). In addition, to discovering the potential of the target market, market analysis provides a real and actual viability of the business or company idea in the market. The analysis also provides critical information on how to start and grow a successful business in the new market. Despite the many benefits associated with market research and analysis have some drawbacks and setbacks towards business and companies.

Discussion

Carrying out of market research and analysis and establishing the required customer satisfaction is a tedious task but very impactful, in the long run. Establishing where your customers originate provides businesses with the appropriate tool for identifying how your target customer will react to your products in the new market. With the information, businesses will be in a good position of identifying and concentrating on the issues which are very important to the target customers. Clear understanding of the industry within which the business lies is very important so as to pay the required attention to the current business trend of the industry. With the information, the current business trend of the industry helps businesses in gain the relevant insight on how position its products or services so as to achieve success (Mouncey, P., 2007). Industrial knowledge also provides businesses with ideas on how to plan in the new market in order to remain efficient since the plan is always based on the actual situation in the market environment. When the business is well satisfied that their ideas will reach the expected level of success, the next activity involves making sure that the target market becomes receptive to the business services and products.

On the other hand, market research and analysis is not a must activity as believed by a majority of the small scale businesses. Market research requires allocating budget for the activity. The budget comes from the generated income. Majority of the businesses have constrained resources in the form of finances to allocate to research. The activity is seen as an addition of more of unwanted expenses to the businesses. If the cost of productions increases business or the companies have no alternative of conducting market research as to whether to increase their prices but to increase the prices. The other situation which discourages market research is the fact that if the cost of making marketing decision without a market research have a negligible negative impact on the business. With the situation, majority of business are confident to make a decision concerning new markets without even conducting any of market research. The other situation which makes market research not necessary is when decision-making is made inevitable. The situation may be compelled by change of the existing policies which impact negatively towards business market environment. Such changes may include increased tax which may compel a business to increase the prices of the

My opinion over the issue is that business should always carry out market research every period they plan to offer new services and products in the market. If the business idea has been well validated by the concluded research, it's the right time the business should consider acting to the real situation in the market. The main idea of conducting a successful market research and analysis should be the urge to understand and determine how the business will thrive in a certain market. Market analysis is the key tool for verifying whether the services and products offered by a business meet the expected demands of the consumers and whether the business will be viable in the focus market. Market research may be done with the either of the two techniques. One of the techniques is the qualitative whereby the research focuses on views and thoughts shared on the shared topic by the people. In qualitative technique, closed-end questions which involve yes or no are avoided when collecting people views and thoughts. Qualitative techniques advocates for the researcher to exercise personal judgment in analyzing and summarizing the provided information from the respondents (Beall, A., 2010). Quantitative technique on the other hand involves survey questions which have multiple choices. The technique provides for structured responses which can be summarized in figures or percentages.

Both of the research techniques rely on the people responses on the issues posed to them by interviewee in form of questions. Making of a solid business decisions demands asking the right questions to the right so as to collect the right data for analysis. Market researches and analysis is the only best way to understanding your competitors and the consumers' needs and the wants alongside establishing their buying habits (Beall, A., 2010). Market research facilitates understanding the competitor’s business strategies without interfering with their activities.

While selecting the sample to represent business services and product consumers, businesses should focus on asking as many people as possible so as to achieve the true representation. The used question in the research should be simple with easy directions for answering since no respondent will be willing to assist the interviewer in designing the questions. The survey questions used should be easy to understand, simple with direct answers. Business should also focus on asking questions that are only relevant to the research topic. Asking questions which deviate from the research topic will end up mixing the respondents. As a result of mixing, only few or none will be interested in participating in the survey. Business should also outline their reasons for conducting the survey or research so as to win the confidence of the selected people as the population sample. The researchers conducting the survey should be willing and able to answer respondents asked question. In addition, the research should not be in a position to hide his or her feeling towards the respondent answers so as to avoid influencing the given answers in a negative way. With valid and proper market research, businesses will be in a position to determine how their services and products will do in the market.

The final phase of the market research and analysis involves analyzing the collected information. The most important thing of this phase is how the business exploits the provide information so as to achieve the anticipated success in the focus market. Businesses should take ample time to analyze the collected information in an honest way possible (Beall, A., 2010). Make changes on the selected strategy if need be as it may demand by the collected findings. The changes demand altering the survey questions do it and repeat the survey again so as to get a response on the questions. Business should always carry out market research every period they plan to offer new services and products in the market. If the business idea has been well validated by the concluded research, it's the right time the business should consider acting to the real situation in the market. The main idea of conducting a successful market research and analysis should be the urge to understand and determine how the business will thrive in a certain market. Market analysis is the key tool for verifying whether the services and products offered by a business meet the expected demands of the consumers and whether the business will be viable in the focus market.

References

Mouncey, P. (2007). Market research best practice: 30 visions for the future: A compilation of discussion papers, case studies and methodologies from ESOMAR. Chichester, England: Wiley.

Pride, W., & Ferrell, O. (2008). Marketing (14th ed.). Boston: Houghton Mifflin.

Beall, A. (2010). Strategic market research: A guide to conducting research that drives businesses (Rev. ed.). New York: IUniverse.