It’s a well-known concept that prosperity of every company lies in its deep-rooted market research, nevertheless the innovativeness in the product is found rarest. The companies in search of innovativeness are left with the imitation of one or other product. The agencies working on the research identify the needs appropriately and define the product characteristics to satisfy the consumer. The research agencies like MART have actually pioneered the business models for rural consumers. The companies if choose the right kind of research can really redefine the model required to meet the intense competition in the market.
The companies like P& G believes in the innovation of the products being offered and relies heavily on the market research. The advertising agencies with its research in the advertising impact have contributed vastly to the companies’ penetration in the market. Coca Cola has changed the taste of its Coke by studying meticulously the consumer tastes and preferences. The success of Ariel over Surf, Coca Cola over Pepsi, and Fritolay over ITC epitomizes the relevance of market research. The success of each and every product lies in their effective market research. The market share can not be increased unless research is properly drawn. Product research, pricing research, advertising researches are some application areas of market research. Innovation is the end result of successful market research.