Who Needs Market Research Reports?
Market research reports are of different types. Most of the reports provide information about an industry’s size, competition, growth forecasts, and potential opportunities and challenges. Some of the reports contain information customized to a company’s needs. Market research is based on both qualitative research such as focus groups, in-depth interviews and ethnography and quantitative research such as customer surveys and data analysis.
Buyers of research reports vary according to their needs. Large, medium-sized and small enterprises need market research to stay abreast of the changes in the industries they operate in. Businesses need market information to develop business strategies, capitalize on potential opportunities and avoid threats. Businesses that want to launch new products or services need secondary information if they are launching a product in their existing market or planning to enter a new market
segment. Research reports can provide the necessary information to different types of businesses to help them make informed decisions. Market research reports can also enable a business to find out what the customers think about its product or service.
Startup firms need market research reports to gain insight into a market or the feasibility of launching new products or services.
Market research reports are used by venture capitalists, investment bankers and private investors to make investment decisions. Consulting companies and advisors also rely on reports to enhance their understanding of particular markets.
Individuals use reports to carry out their research about a specific market, product or service. For many professionals, research reports save time and effort required to gain the necessary information and also increase the credibility of their work. They allow professionals to gather information quickly and validate information they have gathered from primary sources. Company executives use research reports to get information about industry best practices and updated information about a market. Research reports provide objective information about the market that could lead to better decision making.