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MARKET RESEARCH

Is defined as the process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers. This method allows organizations or businesses to discover their target market, collect and document opinions and make informed decisions. Market research can be conducted directly by organizations or companies or can be outsourced to agencies which have expertise in this process.

Types of Market Research

1. Primary Market Research : involves semi-structured or unstructured data

collected through some of methods like: Focus groups, One-to-one interview, Ethnographic research

2. Secondary Market Research: Secondary research uses information

that is organized by outside source like government agencies.

Secondary source makes use of the

following: Public sources, Commercial sources,Educational Institutions.

Why is Market Research Important?

• It provides information and opportunities about the value of existing and new products

• It helps in determining what the customers need and want.

• businesses can also

forecast their production and sales.

• To stay ahead of competitors market research is a vital tool to carry out comparative studies.

Steps for conducting Market Research

Step #1: Define the Problem

Step #2: Define the Sample : Probability sampling, Non-probability sampling.

Step #3: Carry out data collection

Step #4: Analyze the results

Step #5: Make the Research Report

Step #6: Make Decisions

Benefits of an Efficient Market Research

- Make well-informed decisions

- Gain accurate information

- Determine the market size

- Choose an appropriate sales system

- Learn about customer preferences

-Gather details about customer perception about the brand

- Analyze customer communication methods

- Productive business investment

5 Market Research Tips for Businesses

Tip #1: Define the objective of your research.

Tip #2: Learn About Your Target Customers.

Tip #3: Recognize that knowing who you serve helps you define who you do not.

Tip #4: Learn from your competition.

Tip #5: Get your target customers to open up and tell you everything.

Why Does Every Business Need Market Research?

Market research is one of the most effective ways to gain insight into your

customer base, competitors, and the overall market.

COMPETITION

CUSTOMERS

OPPORTUNITIES

FORECAST