Question

Discuss this statement: “Market research provides the relevant intelligence for developing the right.” What facts support this assumption?

Answer 1

i ) The basic fundamental of market research is to read all current trend in the market .That is studying the present business practices . By studying the business practices , it will give an clear idea of how market is dealing with the various products and how customers are reacting to the changes.

ii) By studying these factors, we can read trend of sales . We can make our strategy by focusing on the areas where demand of sales/products are really high.

iii)By studying the organization which are going good , we can probably read the competitors plan and focus on the areas where those sales are going good in the market

iv) This will help us in studying the all business cases and building our strategy for upcoming month/year.

v)Apart from that , primary research has to done on organization data collection and make proper analysis out of it.

vi) This will probably gives us our work with respect to the expected work and we can clearly focus on the things which didn't go well for coming physical year

vii)This will clearly states that areas on which the company should be focusing on.

viii) By analyzing the company databases , we can build a statistics of all sales , which will summarize the sales of our organization .

ix) Also we need to study the existing surveys and studies about the sales , which are going good in market. This will tell us where to increase our sales , when to release our products in sales etc.

x)At the end , Also focus on government data which also helps in increasing our product value.