Introduction to Market Research
Market research allows companies to make better decisions and formulate more effective marketing strategies. There are two main types: primary and secondary.
Importance of Market Research
Market research helps companies understand their target market, identify consumer preferences, and make informed decisions about product development, marketing campaigns, and overall business growth.
Steps in Market Research
Market research usually consists of the following steps:
- Identifying the problem
- Defining research objectives
- Planning the research design
- Planning the sample
- Data collection
- Data processing
- Preparing the conclusion and presentation
Online tools like Google Keywords, Klout, Questback, and KeySurvey can be used for market research.
Significance of Accurate Questions
A market research plan will be rewarding only when accurate questions are asked to the target customers.
Explanation of Market Research
Market research is a process to get information and understand the best target market for a company. It involves getting information from potential customers on how reasonable and successful new products and services are.
Types of Market Research
There are two main types of market research: primary and secondary. Primary research involves direct interaction with the target market, like asking people about a product. Secondary research uses existing data from sources like government reports, industry publications, academic studies, and online databases to gain insights on a topic.
Example of Marketing Research Problem
An example of marketing research problem: market research helps companies understand their target market, identify consumer preferences, and make informed product decisions. For example, Starbucks surveys customers to measure preferences to help decide when to launch products.
Conclusion
Having a research plan before launching a product or service is best. Market research is only rewarding when accurate questions are asked to target customers.