Market research
can aid in the successful operation of every phase of managing
a business. To begin with, research helps to define the
mission of an organization. Market research helps to determine
new and existing markets, the best venues for advertising
and marketing campaigns and the potential cost effectiveness
of new venture creations.
Additionally, a vital ingredient
in an organization's decision making process is knowledge
and information about each step of the plan. Market research
can show what the marketplace indicates about the possibilities
of the new business venture, as well as what are the business
alternatives. |
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Competition in the private management
sector has grown exponentially over the past decade, and market
research will offer a competitive edge to a company bidding on any
project.
Management Expertise:
Service delivery assessment provides the means to rate the quality
of services in the eyes of the customers. Market research helps
to determine areas that require improvements and consistently measure
management's progress.
By providing accountability of the
management's service delivery, market research lends additional
credibility to the management team, which regularly regulates and
evaluates its own performance.
Ability To Reduce Costs:
Market research has shown business how to maximize operating efficiency
levels through focus groups and personnel studies. Employee satisfaction
studies conducted at facilities help to assure happy employees --
which further translates to satisfied customers.
Capacity to Leverage Facility
Network and Franchise Relationships:
Corporate sponsor studies of advertising effectiveness can provide
detailed information on the benefits of using multiple venues in
local advertising. Baseline data is an effective tool for all facilities
to substantiate corporate commitment to events and projects.
New/Improved Revenue Stream
Opportunities:
Corporate sponsor reports are excellent tools for negotiating and
renegotiating sponsor contracts. Market research can document recall
of specific sponsors in addition to providing general guides for
best recognition of advertising. This information has proven extremely
profitable in stadium sponsor negotiations with new/existing corporations.
Advertising/Marketing Consulting:
Market research, working in conjunction with an advertising/marketing
agency, can reduce the risk of a failed marketing campaign by analyzing
the market niches -- how, when, where and why do consumers attend
to advertising information? Who is most likely to attend the event,
and what is the best way to reach them?
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