There are many reasons explaining the necessity of market research for businesses. Firstly, decision – makers are able to identify target customers as well as find out what customers think about products and services. Hence, it gives insights to decision – makers for targeting the right market.
Secondly, market research should be a part of business because consumers’ motivation and behavior change over time so you should really consider reviewing your research on a regular basis.
Thirdly, marketing research supports finding out information and data, depending on types of business as well as type of information decision – makers are seeking for. For example, for launching a new product, good market research gives decision – makers ideas about target audiences, how big the market is, whom the competition is and how to position in the marketplace. Market research enables marketers to test everything from ideas and perceptions to packaging.
Fourthly, market research should be put in perspective by relating it to the costs of launching a product, brand or service then the costs is relatively low. Market research helps business in understanding viable ideas and improves sales volume in long term.
Fifthly, although marketers may do market research by themselves at least for desk research, for further steps, marketers should employ professional market researchers because they have experience with target respondents or what kind of questions should be asked in which situation.
The AMR Group is an expert in Vietnam and its markets. The team is local but with international training and experience, operating to global standards.The AMR Group helps brands bloom in Vietnam through lean, focused & reliable marketing research from VINAMR ; marketing & brand strategy with AMR. VINAMR Marketing Research & Consultants provide world class lean, focused and reliable research through deep understanding of the brief, international quality field, professional data handling & decision-orientated analysis, action focused recommendation. AMR use insights from VINAMR to deliver effective marketing & branding consulting, retail consulting & training, seminar & training: Brand War.
Compiled by AMR Group (Marketing Research in Vietnam-Nghien Cuu Thi Truong Viet Nam) on 2013
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This article is compiled by AMR Group to provide updated information on markets. AMR Group puts the best effort to obtain the most accurate and timely information available from various reliable sources. The article should be best considered a reference and indicative only. It is not an offer or advice for any actions related to any assets. AMR Group provides no warranty or undertaking of any kind in respect to the information and materials found within, or linked to the report and no obligation to update the information after the report was released. AMR Group does not bear any responsibility for the compiled information, or any consequences arising from its use.