Thursday, August 5, 2010

The importance of marketing research

There was a time when it was believed that whatever is produced by a company or supplied in the market, demand for it can be created and this demand will ultimately absorb the supply. Many companies and industrial units were run after this fashion. No doubt in those days, with the help of the techniques of mass production the companies made a lot of profit and prospered.

But soon it was realized that it was a very wasteful method. The Toyota motor company of Japan improvised upon the lean manufacturing system of production. The main theory of it is that the production costs are to be optimised that is reduced by controlling wastages and making inventory as minimum as possible. This meant that companies and industrial units now made only those products for which demand is there.

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Now, when following lean manufacturing concepts market research and collection of data and analysis of data thus collected becomes very important. Unless one knows the current market trends or the trend of demand, he or she will not be able to make comprehensive marketing and production decisions.

The need for international market research becomes all the more important in case of multinational corporations and other large scale industries that have global operations. 2Europe is amongst the best market research service providers in the world and caters to almost all the existing sectors of the economy like healthcare, information technology, pharmaceutical etc. So give your company the 2Europe edge today.

2Europe provides a comprehensive range of qualitative and quantitative marketing research services that provide practical and actionable insights for organisations.

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