importance of market research

Most of the new entrepreneurs think that having own site is the primary requirements of business start up. I think, market research is more important even before taking the first establishment step. How do you value the market research for new business?

offcourse i totally agree with you coz without having the updated knowledge of market trends one cant even think of starting his/her own business.

One definition of marketing states: "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual (customer) and organizational objectives". The concept of marketing as a business philosophy defines marketing as a process that is intended to find, satisfy and retain customers while business makes a profit. But central to all these definitions is the role of the customer and his relationship to the product (i.e. whether he considers the product or service to meet a need or want).

yes of course, market research is very important to our site and then it is very easy to make traffic in our site.

Market Research is very crucial to the business because this is the way in which market you will be target, the proper marketing strategies, right products and etc.

yes market research is must before starting the website as it will tell you what your competitors are doing and you can do better than them by having market research i personally like SWOT analysis.

Thanks

Doing effective market research is important because this will be your initial step to know the entire business from customer's point of view (price, distribution channels and marketing communications). It also lessens the risk of business to get failed.

market research is crucial...because of many reasons...the most important thing that you care about are your own sales....without doing some market research you are wasting your time..and your money...

Hi,
Research, as a general concept, is the process of gathering information to learn about something that is not fully known. For marketers, research is not only used for the purpose of learning, it is also a critical component needed to make good decisions. Marketing decisions need the support of research in order to be viewed favorably by customers and to stand up to competition and other external pressures.

In my opinion, marker research is really important when you want to establish a new kind of business and service. It means you rarely find any kind competitors. Therefore, you need market research to see whether the service or product you want to launch is useful for your future customer and also ensure how much money your customer willing to pay for that service and product.

If you already have competitor, you should investigate your competitor for how much the price that your competitor charge on similar product and how big the market is.

Totally right. And should now what's the latest trend in the market today. Know your competitors as well.

Thorough market research translates into a strong business, be it on-the-net or off it. You just can't undermine the value of research before setting up an online business because of the high level of competition that exists on the web. You could easily get lost among thousands of other businesses if you don't do your homework. It's all about creating a niche and staying way ahead of the crowd if you have to succeed online. Something that can be done only if you have researched the success quotient of your idea/product/service.

Hi,

I am in favor of market research and it should not only be done before starting a new business but at regular time intervals so as to keep updated about new trends and get fresh ideas.

Regards
Ben Thomas

most important step is planing. and planing involves market research. better plan stronger will be the affects. research is very important to me

Hi,

I think both the things have their own importance.

Market research is the most essential part of business planning.
Without proper market research, the chances of success get limited and mostly businesses fail due to lack of planning and research of market.

Having a website is like opening an office online where a section of customers/clients can access and know about your products and services 24X7.

Website creation is optional for many businesses but market research cannot be ignored.

Regards
Frank Slade

The first step when starting a new business is to check if there is enough demand for the product/services you are going to provide. Demand, market research and cost analysis can tell the feasibility of opening the desired new business.
And it is essential to conduct market research at regular intervals in order to keep yourself updated and plan accordingly.

Danny Archer

Hello Friends
An this article, I will talk about the importance of market research and market intelligence for your online business. Having this knowledge is very crucial, it can even dictate whether you will be successful or not. If you’ve been around in the Internet Marketing world for a while now, perhaps you’ve heard of people talk about how important market research is.
But, what exactly is market research and market intelligence? And why do we need them?
Well, in a nutshell, market research and market intelligence mean having the KNOWLEDGE about your market. What is this knowledge?
To know your market means to know the following information:

• What is your target market? What are you selling?
• What is the nature of your market? Is it an “evergreen” market or is it a fad market?
• Who are your target market? Who are buying? What are their needs? What are they looking for? Where do they hang out?
• Who are your competitors? How many competitors you have?

This knowledge is key to building a successful online business. Do not go and spend time designing and building your website before you uncover this information!
But, how do you uncover this information?
There are many places you can uncover this information.

Starting a business without proper market research is like shooting in the dark. Until one comes to know about the trends and demands, the goods produced would not be well accepted by the customers.

Jack Wilson

I agree totally market research is a must, otherwise you will not know what customer out there is looking for, and if you want your business to stand out from the rest you need to know what's the best idea to promote yours from the rest..

Hello
With the recession making some serious dents in all our personal finances, the idea of making money online has become even more attractive, particularly to those of us with some motivation and business sense.
When we begin searching online for possibilities, we come across the term 'affiliate marketing' fairly early on. There is far too much information available on the subject, and it can be confusing, but the basic concept is fairly simple. It's important to clear away much of the fast talk, discover the basics, and begin working on a project of our own, rather than endlessly surfing through the promises and offers.
Market research is an important first step in the process of becoming an affiliate marketer. A good place to start is by researching the markets you are personally interested in. Starting from this point, you need to discover what your potential customers are looking for. This is essentially what "keyword research" comes down to--finding the actual words or phrases people type into their search engines to find answers to their
problems, needs, or desires. This is extremely important research, and the outcome of your marketing attempts depends upon it.