Do I Need to do Market Research?

The world is changing as we

speak and the gap between businesses and people is shortening day by day. This is permitting better understanding of the needs, dreams,

and wants of the public.

So why would some people want to do Market Research

anyway?

Introduction

Reason to YAY No. 1

Recognizing movementin the market

The demand in the market is constantly progressing, especially

more when the line blurs between necessity and luxury. In less than a decade, we have come from a society that sees a

phone as a luxury to where many people own more than one phone

at a time. The change is rather

unpredictable and it is good to have some foresight on that.

Reason to YAY No. 2

Helps to make a preliminary decision

A market research is a good test-drive for the product’s

appeal to the market before its proper launch. Any issues can be amended through getting real life

feedback from the people. If the reaction is bad and there is nothing they can do to change that, it may be less costly to

withdraw the plan at this stage.

Reason to NAY No. 1

HighCost

It is common for these researches to be done on a continuous basis, so as to keep a good track on market reactions. This can hurt the budget, especially if you hire a professional.However, there is no denying in the long term benefit of being actively aware of the market situation to that of your product.

This is more of a risk for researches not done by experienced professionals. Without proper training and knowledge, a self-attempt at researching may not be as ideal if done professionally, whether it was due to the wrong questions or approach, and possibly with a lot of time and money wasted.

Reason to NAY No. 2

It may mislead you if it is not done appropriately

In Conclusion…Ultimately, the decision to take this route or not is entirely up to you. We have offered you the view from both aspects, so now it’s your turn to think about it.

If you are thinking of going ahead, check out our other slides on Pros and Cons of Hiring Professionals and Methods to Conduct Your Own Market Research.

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