Determine When It Is Worth to Do Market Research

When faced with an opportunity or critical marketing decision, how does the marketer determine whether it is worth performing market research?

Business will and always need to do a lot of marketing decision in their business activity. The critical decision can be range on product features, target audience, price on product, communication channel, distribution approach, product specification and many other criteria. Every decision will come with a few option or sets of option. To choice a right thing is hard because business cannot be predict exactly. Here there will be no a “right” answer but there is a sure “wrong” one. This is because there is many ambiguity that exist in the market and business need to have a clear direction and what they supposed to do to cater the situation that they face.

Other than critical marketing decision, they also need to look over opportunity that may exist from new customer need and want. Opportunity that exist in the market need to be explore because it will be a gold mine for the business because it still fresh and nobody on it yet. So market is promising something big in return and highly profitable. But there is a problem, business do not know anything about this new environment because market is new and complex, unpredictable and it may have consistence change on economic and technology side.

So this is one of situation that may face by the business in their business world. In this kind of situation, marketers will always afraid and stress when to decide. It is because it will involve with their future financial and business condition in future. So the right consideration need to done so the decision that made will lead them to be success. So what they can do?

Business need to have a big picture of environment before they do decision on running the market research and launch the product or do their critical decision. Here, there are a few approach that marketer can use when they going to do their critical decision or before they garb an opportunity that exist in the market. The approach that they may use are:

• To determine how much the sales or return potential will be made in the market

Sales and profit will be the most important reason why most of the business exists in the market nowadays. It will represent by the number of return that business will receive when they enter and be a player in the market. If the market promises a low sales and profit it may not attract many businesses onto the market because the return is not attractive. In vice versa, if the market promise a high number in sales and profit this surely attract quite a number of business to the market.

So when marketers going to do a critical decision or going into new market, profit will be a backup force that will be bear in the mind of business. They must ensure and know what figure that exist or what