Market,research,reports,prereq business, insurance Market research reports: A prerequisite to be competitive
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Researchreports are preparedafter a complete study together with collection of information and evaluation,survey and analysis. Recently market research is an important activity carried out in any companyeither through collaboration with research agencies or running researchdepartment in their own company. Business of any kind requires some kind ofsearch to cope up with difficulties and come forward with new marketing strategies.Regardless whether you want to start a new business or want to expand existingone, you require marketresearch for many reasons. 1. To know about existing customers.Businessreports are used toknow about existing customers, their likes and preferences, and their behaviorwhile purchasing products or services. To know the reasons for consumers preferyour products over competitors products, kind of affection they have with youand so on. There can be n number of reasons for it such as quality, quantity,prices, any other features customers like in your products and services. 2. To identify and increase potential customer base.Knowledge of existing customers may help youto retain them but if you are in need to expand business through marketing, youshould search for potential customers. Potential customers are found out using market research reportswhich give ideas and suggestions regarding product buy. Customers using similarproducts can be diverted to your products, improved product knowledge mayincrease sales in marketplace. Slight modifications in product may attract morecustomers. 3. To go beyond geographic boundariesNovel marketing strategies give global perspective for products. Residingat one location you can expand work area by using IT enabled tools such asbusiness portals, e-marketing, e-commerce etc. which offer various marketing opportunities.You are allowed to promote and sale products online to the company working atany location worldwide. 4. To identify more business opportunitiesMarketstatisticsprovided by research firms are used by management to draw out business opportunities. Market analysis helps toknow about recent markettrends which help to know market opportunities.5. To set targets and effective marketing strategies.By getting knowledge of business opportunities,company has to design various marketing strategies for business growth. It also sets sales targets. Thiswould result in higher increased sales, ultimately increases profits andsatisfaction of large number of customers. 6. To identify hurdles in expansionIf you find your strategies not executedaccurately, you have to identify problems in it. Lacunas need to be filled withbetter planning which could be done only after studying market conditions from market research reports.If not done so, competitors may take out your chance.7. To design solutions for themHurdles in the expansion of business need tobe solved properly. Industryanalysis directs to the problem and urges to find ways out. Only up tothe mark solutions are helpful to move ahead. An in depth analysis will also suggest designs forcorrective measures.8. To be prepared for future challengesAs far as possible you should be informedabout current scenarios so that it will help you presume future challenges tobe faced in business. Marketresearch give details about current trends and focuses on futuredemands.As market research is not a one shot activity, it requires to becontinued for long term to keep track with market trends and gain competitive advantage.
Market,research,reports,prereq