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What are some benefits of conducting research?

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Quick Answer

Some benefits of conducting research include increasing personal knowledge and contributing to that of humanity, and developing skills and interests. In the case of market research more specifically, the benefits include identifying and understanding customers, as well as setting realistic targets for business growth.

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Market research also enables companies to explore new and appropriate strategies for advertising and distributing their products or services. It also allows companies to identify possible causes for poor sales, such as falling brand awareness among the public or competition from another brand.

In academic environments, research may be conducted independently or as part of a group. It can be a useful learning process, challenging students and faculty members to work together and grow from each others' interests and expertise.

Research is vitally important in the field of medicine and, in the case of clinical trials for new pharmaceuticals at least, mandatory by law. One of the key benefits of medical research more generally is that it allows for the evaluation of certain theoretical or practical approaches by comparison with others. In this sense, medical research represents a continually expanding repository of knowledge with direct practical applications.

Research also facilitates statistical analysis. Quantitative scientific findings, for instance, tend to be represented numerically and can therefore be easily assessed for significance and implications.

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