{"id":36151,"date":"2022-11-11T08:34:00","date_gmt":"2022-11-11T08:34:00","guid":{"rendered":"https:\/\/phrase.com\/?p=36151"},"modified":"2023-08-11T21:58:02","modified_gmt":"2023-08-11T19:58:02","slug":"market-research","status":"publish","type":"post","link":"https:\/\/phrase.com\/blog\/posts\/market-research\/","title":{"rendered":"2023 Guide to Market Research: Key Strategies and Best Practices"},"content":{"rendered":"\n
\n\n\t\n\t
\n\t\t
\n\t\t\t

When Steve Sasson\u2014a Kodak engineer\u2014invented the first digital camera in 1975, a breakthrough in photography was born. However, Kodak wasn’t interested\u2014it was a film company, and Sasson’s digital camera threatened to disrupt its core business. Despite an extensive<\/span> market research effort<\/span><\/a> confirming the imminent shift from film to digital, Kodak continued to double down on its film business until it filed for bankruptcy in 2012.<\/span><\/p>\n

The moral of the story is that strategic decisions need to be based on accurate market research in order to avoid costly mistakes, especially when they entail reinvention. Kodak is just one example\u2014another common scenario in which a company might need to reinvent itself is when it’s looking to expand into new markets<\/a>. Be it a new or adapted product or service, a new target audience, or new business models\u2014changing tack to cater to a new market can be a make-or-break moment for businesses.<\/span><\/p>\n

That’s why, if you’re looking to take your product global, conducting market research should be a key part of your strategy. Venturing into unfamiliar markets armed with solid market intelligence can help you make the most of opportunities and avoid pitfalls. In this article, we will discuss best practices for market research as a key component of a global expansion<\/a>, and how you can make the most of it.<\/span><\/p>\n

\n
\n

Overview<\/p>\nToggle<\/span><\/path><\/svg><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n