Market Research and Its Significance in Expanding Business Opportunities

Research and Significance in Expanding BusinessWalmart acquiring Jet.com is the latest news being discussed widely in business circles now, with some praising the move as a win for both companies and some others having reservations regarding the wisdom of the move. Jet.com, the e-commerce stores has been sold out to the huge multinational retail corporation Walmart for $ 3 billion. Jet.com had little if no chance of achieving itssky high goals of becoming a $40 billion company in 5 years. One of the largest e-commerce acquisitions in the United States in many years, the sale is expected to give investors a handsome return. Walmart on its part would improve its e-commerce business and gain access to the younger, wealthier and more urban shoppers of Jet.This merge also shows the keen interest of Walmart to expand and make its online presence and reach out to more potential customers.

According to market research analyst Oliver Chen, the future of retails is in the integration of physical stores and online stores. Recently Amazon, the largest internet based retailer,opened its physical book store and has plans to open up more stores in other categories. Similarly, other online stores such as Blue Nile and Warby Parkers have also expanded to physical retail stores.

Withthe economy becoming more and more competitive each passing day, having good knowledge about the market condition and buying behaviour of the customer is essential for launching any product or service. Similarly, staying abreast of business acquisitions such as the above is also necessary. Market research refers to the process of gathering information such as current market trends, spending traits of customers etc to determine whether a product or service will satisfy the need of customers. Here comes the relevance of market research and research transcription services. Market research transcription is provided bygeneral transcription companies, and is a great resource for companies to document their research findings.

Why Companies Need Market Research

Comprehensive market research and review is vital for every aspect of business, ranging from product design to marketing strategy. This involves capturing insights from sources such as consumer forums, opinion polls, interviews, focus groups and so on. Market research helps business organizations to keep up with the latest market trends andgain a competitive advantage in the market.

Market research help companies to:

  • Analyze new areas of expansion
  • Identify problem areas
  • Understand the needs of the customers
  • Identify new business opportunities
  • Set achievable goals for business growth and product development
  • Makethe right business decisions

To obtain accurate documentation of the research transcribing your findings and documenting them correctly is critical. All types of market research recordings from focus groups, interviews, and just research dictations can use professional transcription services to speed up the documentation.

Ultimately a good market research helps you identify opportunities and help you expand your business with less risk. A well studies approach is always better as you continue to grow. To quote Neil Armstrong “ Research is Creating New Knowledge”.

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