Market Research is the process of gathering, analyzing, and interpreting consumers’ needs and preferences, for a product or service that is to be or in the past released to the market. It is a very vital component to be looked at by companies or businesses before venturing into a market. The process or processes involved when carrying out market research for a particular business or company may differ depending on the product to be introduced to the market. The processes might be procedural or substantial depending on the type of product to be introduced to the market.
Market research helps businesses to identify opportunities. It shows you where opportunities are rather than trying out everything hoping that one of your options will work. Market research can help a business hit the nail on the head by showing you the best opportunities available, the best locations for the opportunities, and the best timing for releasing a product or service. Other than just showing you the new opportunities, market research helps in giving you the insights of existing customers.
Market research helps your business to stay ahead of your competitors. Thorough and frequent market research helps you stay at par with the new and upcoming technology, customs, and trends in your field of business. This is a very important part for businesses in the technological department because the current world is very dynamic when it comes to tech. New tech ideas come every day and as a business, you need to roll with the tech, because people tend to be rolling with tech.
Detailed data from market research help to lower the risk of your business. Risks such as sudden change in people’s preference can’t affect your business since you have the necessary data, which has been analyzed and interpreted to provide the alternatives for any sudden change in any field of your business. You are firm to the ground, you are not shaken by “mild earthquakes”.
Detailed data from market research helps a business in decision making and resolving of current business problems. It is easy to decide on any issue when a business has the necessary data required. Analyzed and interpreted data provides ample time when choosing the right path to follow.
The second pillar of Tunapanda Institute, “Produced by Tunapanda,” focuses on providing services to clients, especially if they are working to deliver products and services that align with Tunapanda’s goals. One of the services we offer is market research. In our market research services, we aim at assisting organizations/companies/businesses to create, market, and sell their products and services to the East African Market. We provide high-quality market research services from Nairobi and other East African Regions to our clients from anywhere around the world because we know it is the most vital part when it comes to venturing into a market.