Market Research world defines Market Research as a "systematic objective collection and analysis of

data about a particular target market,competition and/or environment"

Market research is a critical component when you’re launching a product, try to improve your existing
service, or when you’re just lookving to be a step ahead of your competitors. It will provide you with all
the information you need to make a better business decision.

Specifically for this case Market Research would be key in developing the right tools to unlock the
market for this product in all the neighbouring countries,this underpinned by a number of crucial
factors:

Market Reseaech is crucial for a better understanding of your customers.Who will buy your product?
Who are your ideal customer personas? How often will they buy? What do they need? What do they
want, expect?

The more answers you have the more understanding you’ll get. This will result directly in meeting the
customer’s needs better than your competitors.

Market research will help you map out the full profile of your ideal customer. Knowledge of your
customers will help you determine the market size and what triggers them to buy. You’ll gain valuable
insights like their age, location, gender & income, which will help you in creating effectively tailored
marketing and pricing campaigns.

2. Market Research would provide the team with Knowledge about the competitors, and how to
approach the market.

The competitors if not analysed well are likely to take away all potential customers and win in the
marketplace. This is because they’ve done their research ahead of time.Thus its imperative the team
does the same so as to stay in the game but ultimately win market for such a new product

Market research will help assess the market to identify both key players and those on the rise in this way
working strategically to identify the weaknesses in the competitor’s approach. These are gaps that this
team will then exploit to gain more customers. Such an avenue is also an opportunity to learn what has
worked well for competition. In turn, they will be able to think more creatively while modeling and
reinventing their new strategy to fit with market dynamics.

Knowing as much as possible about competition will be pivotal to the success of this business venture in
the market place.

Equally important is that Market Research would help in testing their product before launch.Testing is a
very important part of learning what works before jumping into the business world. Every business
decision should be tested before fully exposing to the target audience. By market testing their idea or
product, the team will save themselves from additional expenses and most importantly, from delivering
a bad product to the marketplace.100% certainty that the product will instantly connect with your
potential customer can only be realised through a properly conceptualized product test.

With market research, the team will establish what approach they should take when marketing the
product. But they will as well find the key message that resonates with clients.This will ensure they stay
in business."It is not the strongest or the most intelligent who will survive but those who can best
manage change.” — Charles Darwin. Tnis words are so important and still echoing today in possibly the
most innovative era in the history of mankind.

History is awash with examples of how giant brands like now-bankrupt Blockbuster and Nokia,or Uganda
Telecom(to make a local example) that still struggles to get back in the mobile game failed in their
market predictions and are nearly forgotten by consumers today.Probably

MTN and Airtel could have done their market research right better than any other competitors and
utilized every open gap in the mobile telecom segments.

So, in order to remain in business and stay relevant, the team therefore needs to not only anticipate
change, but also to be able to predict change too. That’s how good a market research needs to be.

Market Research will enable USU team to Recognise new areas for expansion as well as to increase
customer base in the long term.This will entail identifying new business opportunities and changing
market trends that will help inform their marketing strategy and approaches.

Market Research is a catalyst contributor to Business growth.Market research will help comprehend
the demands of the customers, detect more business opportunities, plan the perfect marketing
campaign, minimize losses, and keep track of the competition. It will enable them to classify their
objectives while following the current trends and take advantage by reaching out to their target
audience.

Identifying problems before they happen is crucial for any business to grow and thrive. Effective market
research will not only help predict some of the pitfalls that can occur but also it will save this business
alot of money . The solution may look like a proper market fit, but if it’s not the case, then big trouble
abounds.

The process of market research itself is designed to reduce the risk and to make the marketing strategy
cost-effective for the business.
By and large, market research provides important information that will help identify and analyze the
market needs, by ustomers, and competitors alike.

Market Research helps businesses especially start ups such above case in making better decisions when
they develop and market their products, as well as achieving business growth.