The importance of market research is such that if this process were done properly, organizations might not have been created, many financial and human resources would not have been wasted, and these funds would have been used in the right place. Unfortunately, this perspective often causes us to become overwhelmed when it’s time to start a business.

Market research is the process of gathering, analyzing, and interpreting information about the market and current, old, or potential customers of a product or service. This research is done on the characteristics, consumption habits, location and needs of your target market, as well as the characteristics of competitors and the industry in which you operate.

Market research helps business owners evaluate their feasibility before using their resources in a business.

Strategies such as market segmentation (dividing people in a market into several groups) and product branding and differentiation (identifying a product to differentiate it from competitors’ products) are not possible without the use of market research.

Market research is not limited to just starting a business, and it is a practical and even necessary process to continue along the path and during the problems or growth of the organization. Market research or studies seeks to identify, collect, and analyze information that leads to better opportunities in offering a particular product or service, or explains problems and threats to the marketing of a particular product or service, and ways out of it. Presents problems. In this way, companies can seize a new business opportunity and increase their existing customers. Understanding market weaknesses insures customer satisfaction and plans effective marketing measures for customers. Market research can provide information about the market situation of competitors, which in turn increases competitiveness and increases firm profits.

Business executives conduct marketing research in order to obtain more accurate information from customers or competitors or other market forces. Ranco Management Consulting Group is ready to accompany you from the moment the business idea is formed.

Product Clinic is a type of marketing research that aims to understand customer feedback on new or old products and services of the company.

Product Clinic seeks to find customer feedback by considering all principles related to market research. In the product clinic, the company’s products are exposed to potential customers and they comment on the company’s products and services. These comments are used by companies in different stages of product production and supply and help companies to provide better and more appropriate services. The product clinic is a good arm to improve the level of marketing capabilities of companies and can convey the opinions of potential customers to the company with high accuracy.

The clinic can also, at a low cost, prevent multibillion-dollar corporate failures and increase their market share. The product clinic can have several purposes, including:

– Receive customer information and achieve market share

– Identify the characteristics of ideal products from the customers’ point of view

– Investigate shopping behavior

– Review competitors

– SWOT matrix analysis (strengths, weaknesses, opportunities and threats) of the company’s products

– Comparing the company’s products with competitors

– Evaluate purchasing preferences and brand strength in the minds of customers

– Evaluate effective sales and distribution methods of products

– Pricing of products based on market behavior

– The most effective methods of promotion and propaganda

– Receive customers’ emotional information

– Willingness to buy

– Demand forecast

– And…