Expert highlights business benefits of market research

A representative from the Market Research Society (MRS) has stressed the benefits to companies of conducting market research.

Simon Lidington, the organisation's vice president, believes that market research is a useful tool to businesses as it enables organisations to observe the demand patterns of consumers.

"Properly conducted market research is very beneficial because if you want to know how to improve the saleability of your product or service, or how to improve customer satisfaction or experience, the best people to ask are consumers and customers," said Mr Lidington.

Mr Lidington also noted that businesses can implement cost-effective research by making use of both the internet and the telephone.

And, according to MRS, online market research is beneficial in a number of ways, one of which being that it is possible to conduct a study with a large number of respondents at any one time.