Taco Bells is a reputed fast-food chain in the United States and in many parts of the world. But the brand could not sustain itself for long in Dubai. Among other reasons, it mainly failed to see that customers in Dubai did not have a strong preference for Mexican or Latin American food, at that time. Could the company have foreseen this? An insightful retail business market research might have helped.
A good market research not only tells us how a ‘market’ is or what its vital characteristics are but it is also the gateway to formulate informed marketing strategies based on market realities:
- Product demand, market size, market share
- Customer behaviour, trends
- Number of competitors, competing products
Supply chain network, sales channels
- Pricing factors, payment options
- Other environmental factors affecting the market and industry, conduct of business, etc.