When Should Companies Conduct a Market Research in Kenya?
Is there a wrong time to do Market Research? Not really. However, Conduction Research at the right time can significantly alter the results you get.
Market Research is critical to new start-ups survival. Before launching a Company or a Product, Entrepreneurs should make sure they have a detailed Research Report.
This, however, does not exempt established companies from conducting a Market Research. Understanding the Market and Formulating a plan is important to both new and established companies.
Your company should do research;
When starting out for the first time.
When changing your business’s location.
When expanding into new locations.
When expanding into new products or services.
When about to increase level of production.
When about to launch marketing and advertising campaigns.
These are a few scenarios where your company would need a detailed market research report. However, the information you gather will play a key role in day to day operations of your organization.
Market research is a crucial step that every start and business should do on a regular basis. The information gathered will not only help them plan for success, but avoid pitfalls that they would not have seen. Now that you understand the why and when, we shall cover how to do it in over the coming articles.