Market Research

Market research is the starting point of marketing. Good marketing involves the study of market opportunities and the preparation of the proposed strategy based on estimates of financial data to indicate whether it is possible to achieve profits meet objectives of financial companies.

Market research consists of identifying the market mechanism, its structure, condition and development of its elements in order to create guidelines to make informed and effective decisions.

Market research helps to identify opportunities and threats that are surrounded by the company. This phase includes analysis of current markets, consumer behaviour, trends in the development of products and other selected aspects of the external environment and internal company, which is characterized by:

•  Size, structure and dynamics of the relevant measures of activity expressed as production and sales,
•  turnover growth during the period of strategic planning,
• current and intended to achieve the position on the market,
• current and potential buyers,
• current and potential competitors.

There are two main types of market research:

·         Primary research - research "on request"

·         Secondary research - Information gathered earlier.

Main problems of market research:

•  Way of market division and the course of its development,
•  determine the most profitable market segments,
•  identification of potential buyers, their behavior and attitude to the products and services,
•   study the reaction of the markets for certain instruments of marketing ( advertising and sales promotion activities.

Market research is one of the most important tools available to competing firms, the use of which may contribute to increase the efficiency of expenditure on marketing activities.

 Market research allows you to:

• better understand the customer
•  For information about what customers think about our product, service or enterprise
• see whether spending on marketing activities are delivering the expected results and see if the competition does not alter the chance of their attitudes
•  identify alternative ways to use our product and to analyse market developments
•  support and improve decision-making process of a product, service and business development