Marketing Research

In extremely broad terms there are two main driving forces for marketing research.

Firstly, there is a problem; a problem exists in the business and the business must know more about this problem.

Secondly, an opportunity is seen in the market and more information is required.

These are the two main driving forces for marketing research. Here are two examples to put the above in perspective:

Our customers have stopped shopping with us. This is a problem for any business. The business needs to know why this is happening in order to rectify the situation. If you do not know, then you might change things in your business that is working and never address the concern of the client.

You are in the building industry that has seen tremendous growth over the past couple of years. While surfing on the Internet you found an amazing product that will not only benefit your construction company, but many other construction companies as well. To obtain the rights to sell the products in South Africa will require that you fork out a farm in cash. In this case, you need to know if the market will be interested in the product you are considering.