4.4 Market Research - JD Sports
3. Analyze why market research should be viewed as an ongoing process.
Market research should definitely be viewed as an ongoing process as companies ought
to always capture and analyze their consumers, competitors and market every once in a
while. By doing market research on a regular basis, a company or business would be able
to know more about their customers and the trends of the market so as to make
decisions for the business to maximize their profits. This is because by conducting
research, specifically primary research such as surveys, a company can have access to
consumer feedbacks on what they like or what to improve. By knowing what the
consumers think of the company, the company can strategically make decisions so as to
satisfy their customers.
As a summary, market research should be done every so often to know the needs of the
consumers as markets are constantly changing, so does the tastes and interests of
consumers.
4. Evaluate how market research, if undertaken properly, adds value to the decisions
made by a large company. Why does it help reduce the risk?
Market research refers to the process of collecting and analyzing data regarding
consumers, competitors and market of a certain business or company. In this case, the
importance of market research to a company or business is questioned. Thus, its
functionality is being evaluated.
Conducting market research allows a company to identify the preferences and reactions
of the customers, thus helps with decision-making. This is because when a company
conducts market research properly, they can communicate with the consumers so as to
know what they think about a certain business. For instance, if a company is planning to
launch new shoes but is contemplating on the right type of shoes to launch, they can
conduct a market research to identify which types of shoes is the most favorable among
their consumers. Through the results, the company can decide which shoes to pick where
the demand is ensured. Thus, market research helps the decision-making process of a
company.
Apart from helping with decision-making, conducting market research also help minimize
possible risks to be faced by a company. This is because when a company conducts
market research, they can ask for rooms for improvements from the view of the
customers. For instance, a company conducts primary research regarding an area as they
wanted to open a new store. By asking for the opinions of the consumers within the area,
they can identify whether or not consumers there are interested in their business or
willing to buy if they open a store there. If the results show that consumers are not in
need of the products offered by the company, then the company can decide not to open
one store there. Thus, it helps minimize the risk of the company not having a high
demand as the company would rather not open a store with low demand.
In conclusion, market research can add value to the decisions made by a large company
and also help reduce possible risks to be experienced when undertaken properly.
3. Analyze why market research should be viewed as an ongoing process.
Market research should definitely be viewed as an ongoing process as companies ought
to always capture and analyze their consumers, competitors and market every once in a
while. By doing market research on a regular basis, a company or business would be able
to know more about their customers and the trends of the market so as to make
decisions for the business to maximize their profits. This is because by conducting
research, specifically primary research such as surveys, a company can have access to
consumer feedbacks on what they like or what to improve. By knowing what the
consumers think of the company, the company can strategically make decisions so as to
satisfy their customers.
As a summary, market research should be done every so often to know the needs of the
consumers as markets are constantly changing, so does the tastes and interests of
consumers.
4. Evaluate how market research, if undertaken properly, adds value to the decisions
made by a large company. Why does it help reduce the risk?
Market research refers to the process of collecting and analyzing data regarding
consumers, competitors and market of a certain business or company. In this case, the
importance of market research to a company or business is questioned. Thus, its
functionality is being evaluated.
Conducting market research allows a company to identify the preferences and reactions
of the customers, thus helps with decision-making. This is because when a company
conducts market research properly, they can communicate with the consumers so as to
know what they think about a certain business. For instance, if a company is planning to
launch new shoes but is contemplating on the right type of shoes to launch, they can
conduct a market research to identify which types of shoes is the most favorable among
their consumers. Through the results, the company can decide which shoes to pick where
the demand is ensured. Thus, market research helps the decision-making process of a
company.
Apart from helping with decision-making, conducting market research also help minimize
possible risks to be faced by a company. This is because when a company conducts
market research, they can ask for rooms for improvements from the view of the
customers. For instance, a company conducts primary research regarding an area as they
wanted to open a new store. By asking for the opinions of the consumers within the area,
they can identify whether or not consumers there are interested in their business or
willing to buy if they open a store there. If the results show that consumers are not in
need of the products offered by the company, then the company can decide not to open
one store there. Thus, it helps minimize the risk of the company not having a high
demand as the company would rather not open a store with low demand.
In conclusion, market research can add value to the decisions made by a large company
and also help reduce possible risks to be experienced when undertaken properly.
