Business Analysis Toolkit

Market research does a lot to ensure that companies survive a highly competitive business market. It has a lot of uses, from determining advertisers content, potential markets, customer satisfaction, to information on how to improve product serviceability, and even whether it is time for the production of new products. With such a range of valuable uses, the formulation of a market research BSC is a job marketers cannot take for granted.

Market research is the backbone of any marketing and sales programs. It could be specifically targeted to gather material for advertising content and media, help in gathering and analyzing data on potentials and limitations of the sales effort and customer satisfaction – two areas that provide the sales force with dependable information that could lead to significant changes in sales strategies, methods, and even projections.

Market research is especially helpful in formulating new and more effective advertising and sales strategies, particularly in territories where the campaigns are weak but determined to have the potential of returning decent sales figures. It is also helpful in identifying possible expansion territories.

The sales program is not the only area that benefits from the company market research project. It can be as useful to production as well. Market research tells what kind of goods and services are most likely to win patronage. The determination of product features and prices are sometimes more dependent on what research tells rather than on capital or technical constraints. Market research can be directed to analyze market conditions that can prompt companies to switch from a high-end product to more inexpensive ones, to either increase or decrease existing products, or even diversify.

Many products are very similar in quality, specifications, features, and even price. Evidently, a customer can just pick a product and expect that he has bought the best of the crop. Market research helps the company through its marketing and advertising, in portraying an image that people can relate with.

Most popular research methods today are surveys and feedbacks through the Internet. These surveys are usually posted on conspicuous places on the Internet or through an e-mailing list. Compilation of e-mail lists can be tedious but there are marketing outfits that specialize in e-mail campaigns and companies can readily ask for assistance from them. There are other ways of market research, even a test market for new products and tastes tests are forms of market research. The choice, of course, will depend on the objectives and expected outputs.

Just like any other business program or activity, the conduct of market research must follow certain processes that will make its implementation measurable in terms of efficiency and quality of outcomes. Objectives must be defined; strategies must carefully tested for potential to accomplish desired research outputs. Financial resources allocation must be sufficient and optimized, and there must be clear delegation of duties and responsibilities for the accomplishment of outcomes. Lastly, an active monitoring mechanism must be integrated into the implementation plan to see to it that essential activities related to the research are performed as planned and according to budget.

Companies are forever in need of accurate data that will allow them to respond to market conditions. With the market research BSC, they can be sure that products, advertising, and sales efforts are always connected with the consuming public.

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