Posted on February 02, 2012 by CJ Article Team

In order to determine if your idea is viable, you must explore whether there is enough room in the marketplace to compete effectively. You must also explore your idea to determine if there are any opportunities that will generate a profit. Among the most common techniques to help determine if your idea is viable, is market’s research. It is impossible to sell products or services that customers do not want. Learning what customers want and how to present it attractively drives the need for marketing research.

Market research is necessary for any sort of business. It helps us to be familiar with the market conditions, desire of consumers and rules laid out by Government. Also you know number of competitors and their hold in a market, economic trends, technological advances, and numerous other factors that make up the business environment.

Involves a systematic, objective collection and analysis of data about your niche markets in order to gain an in-depth understanding of its various aspects like industry audience, competition and prevalent trends therein. Market’s research processes include accumulation of a variety of related and non-related facts that are further used to create meaningful and relevant information that helps support business decisions.

I found a great list of why companies should do market… research. And even through budgets are tight with the current state of the economy, market’s research can provide benefits from a variety of places.
- Find things that satisfy the customer
- Give crucial information about various factors that affect the business
- Help companies formulate plans
- Identify potential in a specific area
- Minimize the chance of loss
- Help keep tabs on what your competitor is doing

There are two types of Market Research: primary research or original information gathered for a specific purpose and secondary research or information that already exists somewhere. Both types of research have a number of activities and methods of conducting associated with them. Secondary research is usually faster and less expensive to obtain that primary research.

Article Source: http://EzineArticles.com/2851338