It would be really dumb to jump into an ocean without the prior knowledge on how to swim, same goes with starting a business. The needs to make sure one understands every part of the business to be able to maximize as much profit. A lot of people have that belief that they will learn on the business but believe me you will learn and it will be the hard way of your capital turning in practically nothing. This doesn't mean one doesn't learn on the business at all but that one would be adequately prepared for all the storms in the business.
Marketing research is the first and really important step in the million steps one would take in starting up a business and without it one would be running a gambling business indirectly. Marketing research can be defined simply by the process of gathering, recording and analyzing both quantitative and qualitative data about matters concerning marketing products and services through market surveys and interviews.There are two types of market research which include the Primary market research (which combines both qualitative and quantitative research) and the Secondary market research (which includes all information outsourced from the media, government agencies etc. )
The importance of marketing research is like foundation to a business , one of which is helping to understand the main piece of a business; the customer. Who the target audience are, the size of this audience and what exactly they expect or want from a product or service. Helping the business understand to target audience better and tailoring the business to meet the customers needs. It also includes the demography of customers, other challenges customers could face and thereby working to bridge that gap. Ultimately knowing everything about customers and how to place your product or services right in the center of their attention and interest.
Improving the process of production, minimizing cost and better risk management. After understanding what the customers want, it is easier to cut down on unnecessary things they don't want or pay attention to or could lead to losses. Helping the business be better suited and more satisfying in all its interaction with the client.
It will also give the business an edge over other business offering the same product. Through market surveys and interviews , customers express the discomforts and challenges they face with other products or services. With this information the business can tailor their product to solve these problems they face and thereby win their loyalty.
A pot of business are quick to move on from market surveys after kick starting their business and things are going well but it is really important for businesses to carry put market research often to hell improve and increase their ability to satisfy their customers. Frequent market research are like the binoculars to a business's captain, helping them keep up with market trends and be better prepared for the future of the business.