Market Research Role in Business
At
the end of each day, every business must sell a product. If nothing
is sold, nothing is earned and the business ceases to exist. What
is sold must meet customer needs at the right price, be the best,
be the first, and be easily accessible. To make sure their product
is sold, business managers need to know four things:
-
what customers want;
-
how much customers will pay;
-
what competitors are offering;
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how consumers are grouped or segmented for optimal pricing, product development, and selling.
With this information, they can strategize and measure the effects of their strategic and tactical decisions on their key business metrics. A few key business metrics are profit, revenue, contribution, ...
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