Market research entails any organised efforts to collect information about customers and market targets. It is an essential component of business strategy. It is concerned with marketing processes. In most instances, marketing research is a strategy that is used to maintain competitiveness over competitors (Wenzel, 2012). Marketing research provides integral information to identify and scrutinise the market size, market needs, and competition. Organizations and businesses can employ various aspects of advanced marketing research to remain competitive and to deal with intense competition in their industries (Beall, 2010).
Primarily, I could use marketing research to examine the market to identify key players as well as those who are on the rise. When thinking about the current and potential competition, I can re-examine the various elements of the Porter’s 5 Forces, which include the bargaining power of customers, threat of new entrants, competitive rivalry, bargaining power of suppliers, and the threat of substitute products or services (Kumar, 2015). Essentially, I would use these aspects to evaluate the market as well as the entire competitive landscape that is out there. By considering and comprehending the main players and potential threats, I will be better-prepared to compete for a longer period. Furthermore, I would comprehend some of the approaches that they are employing and come up with practical methods of countering them (Beall, 2010).
Furthermore, I can use market research to identify and focus on my competitors’ key weaknesses and strengths. The competitors are not just a threat but also a resource. Therefore, understanding my competitors’ shortcomings and strengths can help me establish some of the strategies that I can employ to be successful (Wenzel, 2012). For example, varied research reports and analysis can help me identify the key players and provide detailed assessments on their strategies. Besides, market research studies can also play a crucial role in examining the SWOT analyses for my competitors. Additionally, I can use market research to analyse and understand failures by some of my competitors. Studying such failures can help me to develop strategies of avoiding them. I would also determine the factors that led to the challenges for a company and their decisions that eventually did not address the issues (Wenzel, 2012). Knowing some of the factors that caused businesses to fail can help me to avoid similar mistakes. Finally, I would employ advanced market research to use my target market to my advantage. For example, I can use social media platforms, such as Facebook and Twitter, to identify some of the comments that are being said about my competition as well as my business establishment. Getting feedback from clients can help me to determine whether or not my business is appearing worse or better than the competition (Wenzel, 2012).
Businesses use various sources for marker research. In my case, some of the sources that I would use for marketing research include online information, associations, government agencies, and colleges and universities. Industry and trade associations can offer detailed information such as market statistics, books, and reference materials (Kumar, 2015). Furthermore, talking to individuals in my associations can be an invaluable way of gaining information about my competitors as well as my customers’ needs. Additionally, government agencies can be an invaluable source of market research. Most country governments publish distribution and population density figures. Such publications can show me the number of individuals living in a given region (Beall, 2010). I can use such information to identify the regions with ever-increasing populations that need the products and services that I provide. Universities and colleges can also be invaluable sources of information for marketing research. Most universities and colleges have students who are always willing to work in the “real world,” collecting information and undertaking research studies at no cost (Stevens, Loudon, Ruddick, Wrenn, and Sherwood 2012).
References
Beall, A. (2010). Strategic market research: A guide to conducting research that drives businesses. New York: iUniverse
Kumar, D. (2015). Building sustainable competitive advantage: Through executive enterprise leadership. New York: Routledge
Stevens, R., Loudon, D., Ruddick, M., Wrenn, B., and Sherwood, K. (2012). The marketing research guide. New York: Routledge Press.
Wenzel, A. (2012). The entrepreneur's guide to market research. Washington: Praeger Press.
