Analytical Report Assignment Example | Topics and Well Written Essays - 1500 words

Analytical Report - Assignment Example Even though it looks like an external problem, it has a significant impact within the company’s actual market performance. From the business definition, it is true that this may act as stepping stone for the company to maintain effective operations. Market research refers to the process of appreciating the ability of a given product to satisfy the needs of the customers through obtaining information related to it. Research and investigation works through accessing the emerging trends in the market, demographic structure and the buying habits exhibited by the customers. All these three aspects have made market research a suitable tool towards increasing the market share and potential coverage. The four major ways in which the company would feel the significance of the tool include: enabling effective communication, identifying and understanding opportunities, pinpointing problems that are characteristics of operations and acting as a benchmark for evaluating success (Mazzoni et al, 2007). The following is a chart showing the cycle for carrying out a market research The market research will allow the company to identify existing opportunities in the market towards establishing an empire of loyal customers. As stated in the case, the company exhibits inability to compete in the market because of the inability to adapt to the existing technological advances embraced by its competitors (Wei, 2008). The most perfect way to solving this would require the company to gather information about the market niche. The market niche information, obtained through market research and investigation will help in orienting the company to use other alternative ways for increasing market share and coverage. For instance, through market research, the company may realize that there is existing empty space such as the inability of the competitors to