Business Research and Market Research help you to know the root cause of a problem or profitability of a business or just product as the case may be. Let us see how business research helps in such situations:
1. You are currently working in some organization, but you have an idea for a new product or service that may bring you fruitful returns.
The question you are actually asking yourself is, “Should I quit job and start a business to sell this product?” while the sub-question is “Would this idea really work?” If the idea is really going to work, and you can earn significant profit by starting this business by selling the product, then initiating the new business is something you should not miss. However will it be a profitable venture is the question to be answered with Yes or No. To know this, you can resort to Business Research India services, the research will help to make your decision that whether you should start a business or not considering aspects such as existing players, competition, demand, etc.
2. You run a small business and you have been successful with your first product or service but now you have an idea for a new product.
In this situation, the scenario is similar. Your small business is smoothly running and making a profit. However the sub question here is Whether is it worth to invest the profit earned in this new product, or should you reinvest the profit or deposit in the bank and wait for a better idea? Again business research will only be able to answer these questions.
3. You work for a reputed large corporation, and the product that you manage has been losing sales even though the market appears to be strong.
Now this one is a mysterious question. A product that was successfully working is now losing sales for some unknown reason. Your need to find out that reason to get back to better situation.
In this case, you need to reach out to your potential customers and current customers to find out what they are experiencing. Here, You should ask questions to get some concrete answers. Question like Which features are significant to these people while which are not? Are you offering the price customers are willing to pay, If not, why?
The process that one can use to get answers to these type of questions is called market research. There are two views to look at the process: From a view of business standpoint, market research is a way to get answers to important questions before spending a lot of time as well as money in creating a new product or service. From a view of consumer standpoint, there are many people who enjoy being a part of the market research process. And they can help you by participating in focus groups and surveys.
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