Personally, after several years of studying commerce, I have come to understand (at least from my perspective), that business activities are not individual activities, but a function where they are all interdependent. In my opinion, market research is one of the most fundamental activities in order for a business or product to thrive, linking back to the interdependence.

One prime example illustrating how important market research focuses on camera company Kodak. Kodak were the industry leaders back before digital photography took over. However, due to failed market research, they overlooked the importance and upcoming of digital photography, leaving them behind in the dust. They had to file for bankruptcy in the end.

Global 3D Bioprinting (the article I have selected is based on this) is a perfect depiction of the up and coming technology in the business world. Moreover, it is also a good example of the powers of market research. The article highlights that through market research, the market is expected to grow by over 35%, which is a staggering amount, especially in contemporary business society. Applying this to what we’ve been learning in class, it highlights just how essential market research is. As such a prediction can be important to technology and business in general.

Market research can be either primary or secondary, it can be obtained in many different forms. However, it is extremely important to complete it, as it helps make useful predictions, like with both the cases in Kodak and Bioprinting. Market research can vary from being simple to complex, however, the value of it is very underestimated as it could be seen as a backbone of business that helps getting it started and making it successful.

In my opinion, an early insight into the growth of Global 3D Bioprinting highlights just how important market research is, as it could help provide a lot of business help.

References:

Knowthis.com. N.p., 2016. Web. 16 Oct. 2016.

“Global 3D Bioprinting Market Expected To Grow At 35.9% CAGR During 2016 – 2022”. Prnewswire.com. N.p., 2016. Web. 16 Oct. 2016.

“Kodak Failure”. Forbes.com. N.p., 2016. Web. 16 Oct. 2016.