I have got the privilege to work with small sized companies and start up and after understanding the business models, I find that there is lack of importance given to the field of market research in India. The reality check for the small sized company is that they seemed to get trapped in the competitive environment in the industry that are medium and big sized in terms of monetary turnover. There is a gap between the business earned and potential business growth available. Based on my exposure across different segments of business, I find the need of the market research is indispensable because of the following reasons.
- Through market research one can come to know the competitors in the market irrespective of the size of the companies.
- The potential customers for the company can be found.
- Trends, policies, industry trends can be captured and used to analyze the strategies of the company.
- The need for market research can be used as a tool to accelerate the growth of the small sized companies and also help them sustain in the long run.
In the current business environment every business needs to prepare for the growth and sustainability. Management should make Market Research has to be one of the pillar for the business.