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Market research
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Market research often refers to either primary or secondary. In secondary research, the company uses information compiled from various sources which appears applicable to a new or existing product. The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and difficult to validate.
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Market research often refers to either primary or secondary. In secondary research, the company uses information compiled from various sources which appears applicable to a new or existing product. The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and difficult to validate. Primary market research involves both qualitative research (such as focus groups or one-on-one interviews) and quantatative research (such as surveys), as well as field tests or observation conducted or tailored specifically to that product. Primary research which is also called field research or original research is useful for finding new information and getting customers views on products. Advantages are that it provides up to date, relevant and specific information to your product. The disadvantages are that it is expensive to collect, time consuming and needs a large sample size to be accurate.
A list of questions that can be answered through market research:
- What is happening in the market? What are the trends? Who are the competitors?
- How do consumers talk about the products in the market?
- Which needs are important? Are the needs being met by current products?
Market research for business/insurance planning
Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.
Examples of market research would be in the form of questionnaires and surveys.
For starting up a business, there are some important things:
Market information is known as the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained from several different varieties and formats.
Examples of market information questions are:
- Who are the customers?
- Where are they located and how can they be contacted?
- What quantity and quality do they want?
- When is the best time to sell?
Market segmentation is the division of the market or population into subgroups with similar motivations. it is Widely used bases for segmenting include geographic differences, personality differences, demographic differences, technographic differences, use of product differences, and psychographic differences.
The upward or downward movements of a market, during a period of time.
The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments. [Ilar 1998]
But besides information about the target market you also need information about your competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness. A few techniques are:
See also
External links
- - 2007 business report covers the top players in the U.S. marketing research industry. Each company profile reviews the organization’s leadership, revenues and continuing and new business interests. A chart detailing the top 50 organizations is also included for easy reference.
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