What is Market Research? Three Fundamentals and Advantages.

Market research, an investigation consists of carrying out different diligence to discover something. The concept also allows naming the search for knowledge and the realization of intellectual and experimental activities to increase the information on a certain subject.

Mercado, on the other hand, is the social environment that enables the exchange of goods and services. It is an institution where sellers and buyers establish a commercial link to carry out exchanges, transactions, and agreements.
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The market research, is the process that allows knowing the commercial operation. This procedure must be systematic (with a pre-established plan), organized (specifying the details related to the study) and objective (its conclusions must set aside the subjective impressions).
When carrying out market research, the analyst must collect, process, and analyze information related to different aspects of marketing. The objective is the development of a strategic plan that allows the launch or positioning of products.

    When any company decides to carry out market research about itself and what it offers to customers, what it aims to achieve three types of fundamental objectives:
  • Administrative. In this case, what is sought is to achieve greater development of the entity. And for this, proper planning is essential, a thorough knowledge of the needs of individuals and also the control and proper use of the resources it has.
  • Social that is, that customers are completely satisfied with the product or service offered to them by the company. To do this, we try to find out what they need and want in this regard.
  • Economic. In the same way, many businesses carry out market research with the clear objective of discovering what level of success or failure they can have if they decide to embark on a new project.

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    • Based on all this, and taking into account,
    therefore, the characteristics that define market research, it can be presumed that it offers companies that perform an important series of advantages:

  • It gives them real and accurate information about the market in general and its position in the same in particular.
  • It gives them the bases to make the most appropriate decisions regarding their work.
  • It allows them to discover perfectly the needs and tastes of citizens and especially their potential customers.
  • It helps them to know how they can change in the face of growth and penetration among their audience.

The economy, the sociology, psychology, and science communication are some of the specialties that provide theories and techniques for the development of market research.

Well-conducted market research allows us to understand what is happening in the market, determine which are the main trends, who are the competitors of the company, how the products positioned and what are are the needs of consumers. With this data, decision-making at the managerial level is facilitated.