Market Research

Market research is a way of getting an overview of consumers’ wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Market research is a way that producers and the marketplace study the consumer and gather information about the consumers’ needs. There are two major types of market research: primary research, which is sub-divided into quantitative and qualitative research, and secondary research.

Benefits for an organization using market research analysis technique

  • Effective tapping of the prevailing market opportunities by identifying and using them to the best.
  • In encouraging a healthy communication with consumers by knowing their preferences, likes, and dislikes.
  • In taking immediate and timely actions in certain areas of the business and thus help to decrease the business risk.
  • To study the market trends and set up newer trends in the market according to consumer preferences and needs.
  • Identify the existing problems, work on them taking into consideration the opinion voiced by the consumers especially on products that are in the different stages of development.

Another factor that can be measured is marketing effectiveness.

  • Customer analysis (Segmentation of target customers).
  • Choice modelling
  • Competitor analysis
  • Risk analysis
  • Product research
  • Advertisement research
  • Marketing mix modeling
  • Simulated test marketing

Factors that can be investigated through market research include

  • Market information: Through market information one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets.
  • Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation firmographics is commonly used.
  • Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
  • SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.

Chat with us