Discuss the benefits and drawbacks of market research particularly in Essay

Discuss the benefits and drawbacks of market look particularly in relation to new and innovative products - Essay ExampleQualitative methods are used to understand mingled social phenomena. They are suitable to seek knowledge about the fundamental characteristics of a phenomenon under study. It includes condense group among small group through exploratory or explanatory study and gathers information. It tries to understand and answers how and wherefore through discussion and in-depth face-to-face, telephone or online interviews. three-figure research is gathering data in quantity. The terminal of the quantitative research approach is to find out the truth by using statistical procedure. Quantitative methodology allows readers to understand facts easily by looking at charts and graphs. The use of statistics reduces contradictions, which may exist in research.Market Research helps in creating better communication with current and potential customers. A good research enables a comp any to tailor effective and target marketing through various marketing campaigns towards its want segment. It allows a firm to directly interact with its current and potential customers to understand their needs.Market research helps the businesses to mention potential opportunities, for example before opening a retail outlet or restaurant, the location is real important, especially if there is no competitor in that area. This would be called identifying opportunity. Another example can be offering a service in a location which need such service, such as Amazon, identified an opportunity of online booking selling and in no time, it became successful due to niche in the market..Market research gives greater confidence in starting a venture as commodious research shows the potential risk and benefits of starting up a business. Even if there is potential opportunity, a good prior research about the product is essential among the potential customers to know the true protect of the product. One such kind of example is