Market Research for Starting New Business Free Essay Example, 3000 words

3.2 For Manufacturers (i) Marketing research serves the purpose of manufacturers in evolving practical and dependable marketing strategies to increase their earnings. Effective implementation of marketing strategies in a marketplace provides competitive advantage to the manufacturing firm. (ii) Manufacturers can formulate strategies that help in attaining increased profits through output mix or product mix. (iii) Manufacturers get crucial information through marketing research on (a) Potential marketing opportunities and (b) Potential threats in a marketplace via intermittent corporate and business analysis of the information. They can test a product before introducing it in the market. It helps in taking decisions on the launching of a new product by making improvements in the product either on the agreed standards or on the basis of market research made before launching the product (Avasarikar & Chordiya, 2007). 3.3 For Distributors Marketing research helps distributors like wholesalers, retailers and agents at various stages of the distribution mechanism. (i) Marketing research not only helps but instructs and commands the distributors to develop grounded and rational distribution policies. It helps distributors in projecting their positive image at the marketplace. (ii) It provides knowledge of consumer tastes, trends, likings, disliking, choices and changes in them from time to time. (iii) Distributors can implement changes at various mediums of distribution. (iv) Distributors can take a judicious decision on taking outside agency help or adopt an internal channel or joining of both the processes of distribution. (v) Marketing research gets distributors familiarise with cost and extent of distribution. (vi) Retailers get knowledge of the movements of different brands of a product. Distributors take clues from the market research on deciding a preferred location of distribution and field of a unit for distribution (Avasarikar & Chordiya, 2007). 4.We will write a custom essay sample on Market Research for Starting New Business or any topic specifically for you Only $17.96 $11.86/pageorder now Primary & Secondary Research Research based on market types could be divided also into primary and secondary research. In primary research prepared questions are asked to the respondents. In secondary market research comes published content like newspapers, magazines and books. Secondary research is quick and cost-saving than primary research. For conducting primary research, the surveyor goes straight to the source of information that could be a customer or prospect. Information in primary research is well-structured, which helps in designing quantitative and qualitative responses (Gorman, 2003).