South Africa in Recession – Use Market Research
It’s official, South Africa has fallen into a recession for the first time in 17 years.
South Africa’s economy decreased by 6,4% in the first quarter of 2009, which is worse than the market expected.
The next few years will be hard on all businesses and intelligent decisions need to be made with marketing budgets.
Why is Market Research still important?
During an economic struggle, opportunities cannot be missed. Company resources are limited for the marketing and development of company products and services, therefore fewer products and services will be offered.
Conducting Market Research can help reduce the risk of product or service failure by providing consumer insight into the demands of the current market, rather than relying on trial and error.
A fair amount of prediction is needed before launching new products and services, which market research can reduce by providing key information about the wants and needs of consumers.
“Market research is the process of systematic collecting, organizing and analyzing data and information about customers, competitors and the market.”
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