Consider the case for and against carrying out extensive market research[8].

Market research is the process of collecting, collating, and analyzing data on a market and the consumption of goods and services. Market research can be split into secondary research, which involves using data that already exists, or primary research which comprises of collecting new data through questionnaires, interviews or focus groups etc. Businesses who carry out extensive market research can be described as using Market orientated marketing, in other words the business is focused on producing and providing goods and services which will meet the consumers’ needs or wants rather than producing a product (with no research) which they believe will sell. It is important to realize that the market is always changing, changes in technology, in consumer tastes, in the product ranges of competitors (to differentiate), in economic conditions. Carrying out extensive market research of both types allows one to gain a more detailed understanding of consumers’ needs. It provides the individual or business a better chance or advantage of providing a product or service that there is a demand for in the market, and is more likely to satisfy consumers wants and needs. It reduces the risk of product failure, accurate and up-to-date information on the market can help a business make informed decisions, hopefully leading to products that consumers want in sufficient numbers to achieve commercial success. For example, one can also gain valuable information on, for example, its competitors, how much of a share it the market do their competitors have, what kind of combination of the 4P’s (Price, Promotion, Product, and Place) and any other strategies are they using. Finally, the research can be used to anticipate and forecast future trends, therefore allowing business and individuals to plan, making decisions on strategies and making necessary adjustments to their product portfolios so suit the market in the future. However, there are some drawbacks to carrying out extensive market research. Firstly, gathering and analysing data (especially with primary research) can be very costly in terms of money and time. some organisations may lack the necessary funds to carry out extensive research, or to pay specialist to undertake the research for them and as a result ae forced to rely on less reliable and less accurate data, which brings us to our next point. The reliability of the data. The value and the benefits of the research depends heavily on the accuracy and reliability of the data collected. The data can be unreliable for many reasons, for example, if the focus group was too small or poorly chosen and therefore not giving an accurate and realistic representative of the target market, or if there are biased interviewers or leading questions. Attempting to keep the research reliable adds to the cost of market research. Additionally, with secondary research the data may be irrelevant or out-of-date and therefore not suitable and useful to the business or individual. Furthermore, there are some businesses with succeed without carrying out extensive market research. Businesses that can be described to use Product orientated marketing require little market research and instead produce products and services which are unique and plays to their strengths and assets. as a result, they may find themselves a niche market, with no competitors. In conclusion, there are many advantages and disadvantages to carrying out extensive market research. In my opinion, the decision where to do or not depends of the type of business and the product or service that is being offered. many markets rely on businesses being innovative and may not need as much research while others require a lot of research to allow the business the opportunity of surviving in the market. there have been many instances of businesses failing to carry out extensive and deep research on the market they are entering and as a result the product failed. on the other hand, there have also be cases of businesses spending large amounts of money and time on research that ended up being unreliable and not useful.