Value of the Information

Understanding the Importance of Information

The information from market research can influence vital business decisions, providing the supporting evidence needed for decision-makers.
Information obtained is essential in understanding customer behaviours, needs and wants, which can, in turn, shape products and marketing strategies.
The information can result in significant cost savings, as it can align the product development to the customer needs instead of trial and error.

Categorising Information

The information can be categorised into primary and secondary. Primary information is first-hand, direct from the source, while secondary information is found in existing records.
Quantitative information, such as sales figures and market size, is numerical and analysed with statistical methods.
Qualitative information, like opinions and reasons, is more subjective and often gathered from interviews and focus groups.

Utilising the Information

The information from market research can be used to identify potential markets and determine the best strategies for reaching them.
It supports in predicting future trends, allowing businesses to stay ahead of competitors.
This information can also be used to monitor performance and measure the effectiveness of changes made.

Evaluating the Value of the Information

It is important for businesses to consider the reliability and accuracy of any information gathered during market research.
Consider the sample size used in the research. Larger sample sizes typically result in more reliable data.
The age of the information can affect its relevance. Always ensure the research conducted is current and relevant to the business climate.
Be aware of any bias in the information. This could arise from the source it was gathered, how it was collected, or how it is interpreted.
Always compare different sources of information to balance out potential biases and establish a holistic picture.

Information as a Business Asset

Knowledge is power; the cliche is especially true in business. Correctly interpreted and utilized, information can be a significant business asset.
It can lead to effective strategies, better products, increased market share, higher customer satisfaction, and ultimately, more profits.
Regardless of the cost and effort, the value of information gathered from market research is worth it because of its potential impact on the business success.