The Importance of Market Research
Information shaping intuition
There are business leaders who rely very heavily on
intuition and past experience over the years in making decisions when it comes
to planning the marketing for the business.
However, experience is just one of the many factors that go
into a successful marketing plan.
The key to success in marketing is knowledge. Understanding
the facts about a target market is essential to creating a successful marketing
plan.
The target market can be very dynamic. Many factors
influence the buyers who have to decide on whether to buy from you.
Economic conditions, demographics, government regulations
and technological innovations can affect the buying decision. This is
especially true in Canada.
Market research helps
you:
•Identify who your customers are
•Determine your customers’ preferences
•Create the profile of your customers
•Plan effective marketing strategies
•Establish optimal geographic business locations
In today's global economy all businesses are global. Even the local diner has to compete with global fast food chains operating just down the road. Market knowledge allows businesses of all sizes to compete effectively.
With the assistance of a consultant advising on the information available through the Internet small businesses can transform into micro-multinational corporations operating with deep knowledge of niche markets worldwide.
A business consultant can assist you in
obtaining and interpreting information to drive your business decisions.
Siddha Param
Your connection to global markets!
Winnipeg, Manitoba, Canada, North America
