Marketing research is the systematic forming, recording, and analysis of approximation and vicenary data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impact customer behavior. Market research is an important part of a business’s overall plan and can significantly help a company better understand how to reach its ideal customer. There are two main types of market research, with several methods of each that you can use.
An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that topic. Other examples of secondary market research include Reading trade journals. Contacting trade organizations and asking specific questions about a topic.
WHAT IS MARKET RESEARCH
- Permits a company to influence whether a new business, product, or service is attainable
- Helps companies identify and enlarge new sectors in the marketplace
- Enables companies to test the demand for a new service, product, or feature before actually launching it
- Boosts the overall success of marketing, advertising, and promotional campaigns
- Assesses current market trends to allow companies to develop strategies to adapt to these trends
- Helps companies determine the optimal product placement for a product
(Optimal Product:- Product Optimization is the process of refining the products to make it more valuable, and responsive for current customers’ use).
TWO MAIN TYPES OF MARKET RESEARCH:-
There are two main types of market research that a company performs professionally,
1)- Primary Market Research
2)- Secondary Market Research
* Primary Market Research:-
Primary research, you conduct yourself (or hire someone to do it for you.) It involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and gather information. Examples of primary research are Interviews (telephone or face-to-face).
- Interviews:- Marketers can interview a person in their home, on the street, in the office or in a market or any other place, or research facility. This type of primary market research takes the most time but also typically yields the most valuable information. It’s a common type of primary market research that can either be depth or sometimes easy
- Focus Groups:- It’s a group of individuals who have been selected to take part in a discussion about any topic.
- Questionnaires:- Some companies prefer to ask reviews as a question type, where they ask only about Products, Services, Changing or Exchanging the product and services, etc.
- Survey surveys allow companies to ask their target audience various questions based on their preferences, demographics, and other important factors that influence their spending.
* Secondary Market Research:- It is a type of research