7115 · 3.2
Market research — FAQ
Frequently asked questions for 7115 Market research. Direct answers first, then deeper explanation — then practise with marking.
Does conducting thorough market research guarantee a product will be successful?
No, it does not guarantee success. Market research significantly reduces risk and increases the probability of success, but it cannot eliminate it. Factors like an unforeseen competitor response, a sudden economic downturn, or poor implementation of the marketing plan can still lead to failure. Research provides information, not a guarantee.
Is market research only useful for launching new products?
This is a common misconception. While vital for new product development, market research is equally important for existing products. Businesses use it to monitor customer satisfaction, track brand health, identify needs for product updates (extension strategies), and assess the effectiveness of ongoing promotion to maintain market share.
Is market research just about creating surveys and asking customers questions?
No, that is only one aspect (primary research). A comprehensive market research plan also includes secondary research, which involves analysing existing data. This can include government statistics, trade journal reports, competitor websites, and a firm's own sales data. The purpose is to gain a holistic view of the entire market, not just direct customer opinions.