Market Research

MarketResearch

Author’sName

MarketResearch

Valuableinformation about customers’ needs pertaining the product needs tobe collected and analyzed to ensure its potential product success.This will ensure that the product is in line with what the consumerwant and therefore making it a product that is viable for the market.The process of collecting this information and analyzing it to ensurethat your product has a viable place in the market is called marketresearch (Gerritsen &amp Høj, 2013). In market research, there arevarious categories that are relatively significant. However the onewho answered the question provided and outlined one category as thesingle most important one to examine in market research. Thiscategory is market segmentation (Aaker, 2013).

Theauthor clearly outlined this factor as paramount in identifyingpotential product success in market research. This is because as hedefines it, it is implemented to merge the many and distinctconsumers’ needs while also targeting market resources in thebusiness sector (McDaniel &amp Gates, 2013). In this, he maintainsthat for better allocation of marketing resources and marketingprograms that are more focused on the consumer, market segmentationshould be done. Since it makes business to be more consumer orientedby making the company be attentively in touch with its customers(Aaker, 2013).

Inconclusion, the author adds that for a business to come up withmarketing strategies that focus on the uniqueness of a customer itrelies on market segmentation (Gerritsen &amp Høj, 2013). Also,that market segmentation gives room for a business to identify andfocus on its most profitable customers. As a closing remark, he notesthat since businesses have a small attention plan and limitedresources they should take market segmentation as their core elementin their marketing strategy. Since this will help marketers to have acommon ground with the customers in this increasingly global marketof diverse culture.

References

Gerritsen,M., &amp Høj, J. (January 01, 2013). TheDutch Labour Market: Preparing for the Future.

Aaker,D. A. (2013). Marketingresearch.Hoboken, NJ: John Wiley &amp Sons.

McDaniel,C. D., &amp Gates, R. H. (2013).Marketing research essentials.Hoboken, N.J: Wiley.