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Why Market Research is Vital for any Business?


Article Summary
All successful businesses conduct market research for their survival in current business to compete with their business competitors.


For company growth it is better to make good relation with its customers by providing better services and excellent products. This relation can only be developed by doing market research. It is very a crucial step in running your good business. Any business you are doing can only get progress if you continuously check the marketing value of your products and gather information about client's requirements. Good companies do research about their products market value in order to understand their consumer needs.

It is beneficial to know about the different needs of different customers. Without understanding the consumer need you cannot satisfy them, consequently there will be no sale of your product in market. A company can be at top position in market by adopting a great process known as ‘Swot'. Swot is a simple but useful framework to identify your organization's strengths and weak points, and the great upcoming opportunities and threats that you face. Swot allows company to target its strengths, lessens the threats, and takes the greatest possible advantage of opportunities available to you.


What is SWOT?

Swot is a best technique to improve your business. ‘Swot' refers to strengths, weaknesses, opportunities and threats. It is abbreviation of four words. Let's discuss and understand the role of these referring names of Swot;

Strengths: Strengths means to know about the quality and effect your products in market. Researchers estimate the value of company products by comparing it with other products of different companies. Researchers try to find out how much their product is demanded by customers than others products in market. For good business it is essential to make your products unique and different from others to attract the customers. If company's product in market is not hundred percent unique in quality, company cannot get good business. Customers prefer to buy new and latest products. Only the way to survive at to most level in market is to create innovations and uniqueness in your services and products. By making items unique company can get good sale.


Weaknesses: Weaknesses explain about the flaws of your business. Every business cannot provide all services and products in a good way. It is fact that not only all product or services of any company are not equally demanded by the customers. In other words customers do not want to buy or like all products of a same company. A business cannot offer all types of services to satisfy their consumers' needs. A specific business should give first priority on the quality of products and services that they offer to fulfill their clients' needs and requirement. Customers attract by the quality not quantity. Quality really matters for the production growth of your business. Managing the quality of your product has good impact on your business.


Opportunities: A specific business should avail the opportunity to export their products and services to foreign countries to generate foreign exchange which must be good for company's bank account balance. As previously discussed in weaknesses; a company cannot offer all types of services and products to their clients, but they can offer a good quality of their products to retain clients and to get new clients. Usually foreign country consumers like good quality products and services, if company cannot compete in local market, it could still have the opportunity to earn by rendering their services to their foreign clients.


Threats: A business should keep eye on tax rules and regulations to calculate overall profit and loss. Most countries rebate or offer a kind of tax relaxation, if a company exports their product and services to foreign countries. A company should less offer such services and products which have big tax percentages on them or in future the tax is probably going to increase. A company should conduct market research on quarterly basis as well as yearly basis to learn to about new services and products offered by its competitors in business.


About the Author
Wise Guy Reports offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.
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Keywords:
market research report ,market research , Business market research