If your business wants to offers services and products that are well targeted and focused, then what you need is Market Research. By basing your business decisions on thorough market research, you can successfully reduce risk and pay dividends.
Market research is the process of collecting, evaluating and interpreting information about a new product/service to be offered, the current market scenario and the potential consumers for the product/service. Market research can highlight the requirements, characteristics, spending habits and location of your target audience. Market research can also keep you aware of the leading competitors that you would have to face.
Effective market research is important, as it can help your business understand what type of service/product to introduce into the market. It can also help your organization measure if you have been able to satisfy customer requirements and if the delivery, packaging or product itself needs to be altered. Armed with such information, your company can come up with a practical marketing plan or evaluate the success of your existing plans.