Market Research plays an integral part in every organization, from defining objectives and target market, to market structure and growth potential related to the business. In today’s dynamic business environment, organizations face an even bigger threat from competitors. From disruptive innovations to changing consumers’ preferences, organizations must adapt quickly and respond competitively in order to succeed.
However, the availability of a large amount of data and required expertise to search and analyze such data act as a hindrance to firms in understanding changing market landscape. Some of the challenges faced by organizations are listed below:
- Accurately defining the market structure, demand and trend, growth potential, and target market.
- Analyzing the current market demand and assessing future growth opportunities related to organizations’ business.
- Determining product penetration among the target audience.
- Determining similar competitors and analyzing their products, strategies, and business.