Market research is not limited to large companies in mature markets. For companies expanding into new markets or for start-ups in emerging markets, market research can give you the quick knowledge on where that market will go, or even what it's doing today.
The Vietnam News reported this morning, in an article titled "Market Research Key to Survival" that market research was the only way to survive "growing fierce competition," in the pharmaceutical sector.
Chairwoman of the Hau Giang Pharmaceutical Company said "in-depth market research" was required to help them develop new products in a country where businesses only spend 5 per cent of their capital on market research.
The article goes on to discuss other industries where market research is used including apartment sales,
Re-designing product packaging and enhancing new product advertisements. The market research was used not only to decide where to grow, but also to, "avoid losses."
Quoting the President of Global Integration Business Consultants, the article noted that market research isn't the end-game and that while their market research may be good, the "distribution and promotion" may be off target.
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