Getting to know the market before entering is the key concern for any marketer. This knowledge helps him to better position their products for a maximum profit. Market research provides the answers to all the questions that generally occupy the minds of marketers, at every stage of the marketing process.
- Will there be a demand for my product or service?
- What should be the ideal price of my offering - one that ensures that I earn the maximum profit?
- Should I place my product only in urban markets or distribute even in the rural areas?
- What should be the preferable media to promote my offering?
- Would it be better if I replaced the pale green packets with bright yellow ones?
- Is the fourfold growth in my sales figures a consequence of our latest television commercial?
- How satisfied are our customers with the after sales services we provide?
- What image comes to the minds of consumers when they hear our company's name?
It's really crucial to understand your target market before undertaking any marketing exercise, unless you don't mind risking your hard-earned money and precious time on activities that might not get you the results you want.
Simply put, ignoring market research before marketing is synonymous with firing a shot in a pitch dark room, and still hoping that the bullet hits the bullseye.
