Gb500 Learn from the Experts
Business and Management
Submitted By sanzida324
LEARNING FROM THE EXPERTS
GB500: BUSINESS PERSPECTIVES
MARCH 10 ,2015
Market Research is a tool that allows organizations to reach out to their audiences and find ways to please them and keep them happy with their products and/or services. “Market Research is the fundamental resource for business insights, measurement, knowledge, and tools that are systematically used for achieving higher levels of market performance and stakeholder value” (Bont, Hamersveld 2007). Market Research is basically an action that requires the gathering of information about consumers’ needs and preferences. Market Research is a very important department for any business or organization because a properly researched market can help the company grow to a bigger and better state than it is already in. Marketing on it’s own is a tool that is used to sell the products or service to the public. Market Research is what will be used to find out the best and proper ways to market these things the company is sell to the public.
As highlighted by the U.S. Small Business Administration website, a company needs to thoroughly understand the market they are trying to target and do research on it. A business needs to identify official government sources of market and industry data, identify additional sources of analysis and understand the international marketplace (U.S SBA, 2015). Basically, a business of any size, should understand what sort of industry they are entering before starting their company for maximized success.
“Market research tends to be a practical and pragmatic discipline. It is usually most interested in results; it is a ‘we want to know’ kind of business. Sometimes there is less interest in how those results are actually achieved, ‘how we found out’. Typically, there is less interest still in the theoretical underpinning for...