This is the foundation of any successful company. The Importance of Market Research for Your Business. The purpose of market segmentation is not just to sell products and services, but to inform research and development. Peter Drucker believed market research to be the quintessence of marketing. Now that you understand the need for market research, you're ready to get started. What is Market Research? The target market has now been identified. This article talks about the methods, types, examples, advantages, disadvantages, and importance of business research. For those insights you will typically have to do primary research. But, it’s important that you do market research in the first place. The research can be used to determine how a product could be marketed. Secondary research is often used for estimating the size and growth (or shrinkage) of markets. Market research is a way of getting an overview of consumers' wants, needs and beliefs. Such a research is important as it helps businesses to grow in terms of revenue, market share and brand value. Market research for business/planning. A wide variety of information used to support marketing decisions can be obtained from market research. Market Research (FAR Part 10) is conducted to determine the availability of commercial products and services and to identify and evaluate market practices.It’s a continuous process of finding viable sources of goods and services to meet government requirements and is mandated for all acquisition programs. market size, growth, changing sales trends) Here we’ll cover how to use market research to strengthen your restaurant, examples of qualitative and quantitative research, and a couple of ways to perform market analysis that won’t break the bank. It can also involve discovering how they act. The information could be about a target market, consumers, competitors and the industry as a whole. A selection of such uses are summarised below: Information about the size and competitive structure of the market • Analysis of the market potential for existing products (e.g. “Market research” is a broad term that covers many areas of analysis, and some involve more investment of time and resources than others. According to research, most 50 to 70 year old married women reside in this area. Market research is a systematic process of collecting, analyzing and interpreting information. Your business doesn’t have to commit tens of thousands of dollars on focus groups and extensive surveys to conduct market research. Market segmentation is a technique for using market research in order to learn all you can about your customers. Which types of market research should your firm be using? Business research is carried out to understand the customer, market and the competitors. It rarely provides sufficient insight to help you tailor your service or gain a competitive advantage for your firm.