2340960

.docx

School

Health Services Academy**We aren't endorsed by this school

Course

MANAGEMENT 615

Subject

Marketing

Date

Jan 13, 2025

Pages

Uploaded by roysrinjoyee25

IMPORTANCE OF CONDUCTING Name of the Student: Name of the University:

Discussion Question:Analyse and explain what you think about the importance of conducting market research. Do you plan to conduct market research for your product or service?Market research is one of the most crucial parts unavoidable in the business marketplace. With the help of market research people get to learn the characteristics of the market and then organize the business process following the same (Osunsanmi et al., 2021). Furthermore, the main value of market research lies in the fact that it offers information which can serve as a basis for decision-making. About the customer, information about their preferences assists the business to meet the market needs and wants most appropriately. In addition, by conducting market research companies can know changes and trends within the market and be ready to adapt to changes way before they occur (Ismoilov et al., 2021). Thus, competition should also be defined and then essentially analysed. A competent analysis helps a business to understand the perception that a competitor has within the market and show areas that it can exploit within the market. In my business, I will also need to do a market analysis to be familiar with my customers. This will accustom me to the need to identify the public I want to direct my attention to, what they need, and what they want concerning the other players in the market. To make sure that there is a research study conducted to have an insight into the issue under study, I shall use both qualitative and quantitative research approaches. A survey and interviews can provide first-hand data and opportunities for interviews while on the other side industry reports/market analysis can bring a broader view (Baimbetova et al., 2020). Therefore, it can be argued that market research is not an action to think about and implement when the business plan is ready but a process to define that business plan. In assisting in getting information about products that need to be done in the market, making improvements

on the marketing aspects needed to sell products and through making easier the understanding of surrounding market conditions it becomes easier for businesses to record the results and to achieve steady growth in the long run.

References Baimbetova, A., Duisemaliyeva, M., Kurbanbayeva, A., & Esenzhigitova, R. (2020). Conducting marketing research for the company's new products. In E3S Web of Conferences(Vol.159,p.03001).EDPSciences. https://doi.org/10.1051/e3sconf/202015903001 Ismoilov, R. B., Mullabayev, B. B., Usmonov, R. K., & Bakhriddinov, J. R. (2021). Conductingmarketingresearchanddevelopingthem. https://elar.rsvpu.ru/bitstream/123456789/40308/1/avrso_2021_03_028.pdf Osunsanmi, T., Aigbavboa, C., Oke, A., Murendeni, & Liphadzi. (2021). Challenges of conducting market research during project appraisals of real estate investment. In Collaboration and Integration in Construction, Engineering, Management and Technology: Proceedings of the 11th International Conference on Construction in the 21st Century, London 2019 (pp. 433-438). Springer International Publishing. https://doi.org/10.1007/978-3-030-48465-1_72