And without a thorough understanding of the market, it's easy to make a spectacular mistake. There's no need to be ashamed: it's happened even to the largest companies. Take an example from the automotive industry: the name of one of AUDI's popular SUVs, the Q3, is read as "miserable" in Spanish-speaking countries. This, like many other examples of blunders, undoubtedly had an impact on the sales statistics of this vehicle.
Good market intelligence also means knowing the competition philippines phone directory search and the demand for a particular product/service. This knowledge makes it possible to plan marketing activities and predict trends in a particular market or, ultimately, to gain a competitive advantage. Because, for example, a low price that determines the demand for a given product in Poland does not necessarily translate into the popularity of a given product in Germany.
New market niches
A well-conducted market analysis will enable us to discover completely new market niches. For example, if our company has until now sold expensive industrial machinery, perhaps in times of crisis it would be worth switching to the distribution of cheaper products? For example, tools? Or targeting other customers, such as individuals, instead of the business customers that have been our núcleo customers until now? A good market study will answer this question.
Market research: main advantages
Market research aims to comprehensively identify the processes taking place on the market. It allows us to understand not only its current form, but also the factors influencing its specific development. This knowledge significantly helps in building an offer, but also in planning the organization's strategy in a given market. It also allows for much more effective expansion of the sales system or product offering.
Market research will also help you identify the main players. After all, observing the competition is an integral part of running a business: it allows you to plan and modify your strategy based on the market situation.