Effective Market Research: The New Strategic Competitive Advantage

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Market research is the process of collecting and analyzing information about consumers, competitors and effectiveness of business marketing strategy.
It gathers information about markets and helps firms make better market management and forward decisions.
All companies need to carry out market research before taking key marketing decisions such as product development, branding, re-branding and customer service policy/system.
In carrying out market research, it is paramount to put much emphasis on consumers because they have information on products and services they want to be offered.
The company should offer value to customers and should design tailor - made offerings/products.
Businesses are set up to meet specific needs of the consumers and therefore should be solution centers.
You cannot offer a solution without identifying a specific problem, of which the sole beneficiary who in this case is the consumer knows! Market research is justified because competitors will not mange to adapt to the business trends and the firm that researches will have a competitive advantage described as adaptability to the ever - changing market trends, it will be able to offer the right offering/solution to the right consumer at the right price which saves cost and to the n right place.
It should be done continuously/regularly.
Market Research should consider consumer behavior, perception and trends if any success is to be considered, there should be a higher level of concentration: - economic conditions, environmental factors and other factors affect consumer behavior.
Different consumers behave differently in different places and at different periods.
Marketing based on culture has also become a key factor in successful marketing.
The perception towards the offering/service/product and adaptability affect the consumer trends, it is worth noting that market positioning is about perception.
Market research should help gather reliable information about the consumer trends and their lifestyle changes; globalization and urbanization affects consumer behavior for example it is hard to find a smart phone in remote villages and such people cannot demand internet services and likewise social life and service delivery in urban centers is totally different from villages.
Products fail to take off in some markets because of lack of information on those specific markets.
This is an information age and therefore territorial marketing and market segmentation should be based on reliable information if success is to be registered.
It should also gather information about competitors and their business strategy, helps formulate a sound SWOT analysis so as to build a unique value proposition/stronger competitive advantage, it should also discover the extent of competition and also should help formulate reliable communication channels considering location of consumer, how to reach the consumer, or how consumer can know about the offerings of the company.
Market research is a business technique that is keeping many firms in business despite the business climate and challenges as firms will be always updated and can make reliable business predictions thus a COMPETITIVE ADVANTAGE worth undertaking as long as the consumer is always considered.
I highly recommend it.
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