Market research faq’s

Dec. 29, 2007 - PRLog -- Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. It helps to create a business, launch a new product or service, fine tune existing products and services, and expand into new markets. It is also used to determine which portion of the population will purchase a product/service, based on such variable factors like age, gender, location and income level. Now a days every companies are paying a high amount for reasearching their products or services what they are providing. Because due consumer views they analyse what the user actually wants and how they improve thir product or services.
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Market research may be either primary or secondary. In secondary research, the company uses information not directly collected but compiled from other sources that appears applicable to a new or existing product. Primary market research involves testing such as focus groups, surveys, field tests, interviews or observation, conducted or tailored specifically to that product.

Market Research is aimed at answering questions such :

· What is happening in the market? What are the trends? Who are the competitors?

· How do consumers talk about the products in the market?

· Which needs are important? Are the needs being met by current products?
Market research for business planning
Market research for business planning attempts to find out what people want, need, or believe and how they act. Once that research is complete it can be used to determine how to market your specific product. You need to study the market information, segmentation, and trends.

Market information

Market information is for gathering information about thee prices of different commo-dities in the market,and their supply and demand. Information about the markets can be obtained in several different varieties and formats. This may include who are the customers, where are they located and how can they be contacted, what quantity and quality do they want and what is the best time to sell?

Market segmentation

Market segmentation stries to divide the market or population into subgroups with similar motivations. Geographic differences, personality differences, demographic differences, use of product differences, and psychographic differences are some the widely used segmentation bases..

   * Market Trends

Estimating the market size and the movements of a market – upwar or downward during a period of time is revealed by market trends. The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments.

But besides information about the target market you also need information about your competitor, your customers, products etc. Customer analysis, competitor analysis, risk analysis, product research and advertising research are a few techniques used for the purpose.

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