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Market Research

Is the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers

This can be conducted directly by organizations or companies or can be outsourced to agencies which have expertise in this process

The process of market research can be donde through deploying surveys, interacting with a group of people also known as sample, conducting interviews and other similar processes

Types

Primary market research

Is a process, where organizations or businesses get in touch with the end consumers or employ a third party to carry out relevant studies to collect data.

is a combination of qualitative market research and quantitative market research.

there are 3 methods of qualitative research

Focus group

One to one interview

Ethnographic research

Secundary market research

Uses information that is organized by outside source like government agencies, media, chambers of commerce etc.

Making use of the following

Public sources

Commercial sources

Educational institutions

Steps

Define the problem

Define the sample

Carry out data collection

Analyze the results

Make the research report

Make decisions

What we need

Competition

Costumers

Opportunities

Forecast