Market research is a systematic process of collecting and analyzing data and information about customers, competitors and the market. Its uses include helping create a business plan, launch a new product or service, improve existing products or services and expand into new markets.
Market research can be used to determine which portion of the population buys a product or service, based on variables such as gender, age, location and income level.
The market is usually primary or secondary. In the secondary study, the company uses information obtained from other sources that appear applicable to new or existing product. The advantages of secondary study include the fact of being relatively inexpensive and easily accessible. Disadvantages secondary study: it is often not specific to the research and data used can be biased and difficult to validate.
The primary market research involves testing such as focus groups, surveys, field investigations, interviews and observations conducted or tailored specifically to the product.
Many questions can be answered through market research:
• What is happening in the market?
• What are the trends?
• Who are the competitors?
• What is your opinion of consumers about the products on the market? • What needs
important?
• Are these needs being met by existing products?
The market for business planning
The market research is to discover what people want, need or believe. It can also involve discovering how people act. Once the investigation is complete, you can use to determine how to market your product. Examples
market research are questionnaires and surveys.
To start a business there are some things to consider:
1. Who are the customers?
2. What is your location and how they can be contacted?
3. What do you want quantity or quality?
4. What is the best time to sell?
Market Segmentation Market segmentation is the division of the population in sub-groups with similar motivations. The most commonly used criteria for segmenting include geographic differences, personality differences, demographic differences, differences in the use of products and psychographic differences. Market Trends
movements are defined as upward or downward market for a period of time.
is more difficult to determine the size of the market if you're starting with something completely new. In this case we shall obtain the number of potential customers or customer segments.
addition to information about the target market should be information about competitors, customers, products, etc.
Finally you need to measure the effectiveness of marketing for the product. Some techniques for this are:
• Customer Analysis • Modeling options
• Competitor analysis • Risk analysis
•
Product Research Advertising Research
• • Modeling the business mix (Price, Product, Plaza, Advertising)
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