Did a favorite item of yours suddenly disappear from the store? Have you ever wondered about how many new products are on shelves every month? Usually extensive market research is involved in decisions about products being discontinued or new products being introduced. This research also contributes to the design of the product, the store placement, and other important details related to selling and retail.
Market research can be used in other areas and not just the retail environment. You may be interested in providing a service such as accounting or cleaning, and need to understand if there is a market for these services and how to find customers. Good market research will also tell you what customers typically prefer by way of these services, such as the programs used by most accountants and specialized cleaning services that customers prefer.
In some cases, market research can be done by holding interviews or surveys with customers. Normally it’s just matter of learning purchasing patterns and gathering that information. When one product does not sell as much as before, this may mean it is time for a marketing and packaging change. If the sales do not pick up after that, the product may be phased out.
Along with the simple sales information about where certain products sell: the idea that maybe a recent shift or decline in the population is causing less sales? Are there new establishments that are direct competitors in that area? This type of market research means putting all this information together so that an accurate picture evolves when it comes to a product’s success or failure.
This kind of research is for someone running a store: you will always want to have stocks of products that customers want to buy. Personal preference should never be the only basis of putting products in the store.
How can market research assist your business? This research will help you to decide the types of products and services you can and should offer and what is in demand now. It may also point out what products and services are no longer selling.
This research may not directly tell you what to do about your business but can give you information needed to make decisions. For example, if you want to get into the cleaning business, market research will provide you numbers of houses with hard wood floors and carpeting. This only goes to show that you should fully understand how to clean up floors properly so you will have a successful business. Research done in a specific area will help you make decisions in order to succeed with your business.