Market Research

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A systematic accumulating, recording and examining of data about the participants like buyers and sellers and the whole market together is what can be termed as Market Research. In other words Market Research helps a company to understand the pulse of the consumer and take decisions accordingly. The Market Research is done on the basis of the per capita income of the people, age, gender, socio-economic condition of the place and various other things.

Market Research is helpful in various ways. Such as:

  • Planning a suitable and profitable business
  • Setting up new products and services according to demands
  • Improving upon the product that is already launched
  • Entering various markets from time to time.

    Researching the Market Trend

    A very important thing in Market Research understanding the Market Trend. Before investing money in a market by means of launching a product or service,by buying shares one needs to know the trend of the market. Through sound Market Research one can end up staying way ahead of his market competitors.

    Market Research Steps

    There are four basic steps through which Market Research is done.

    They are:

  • Specifying the Market Research Problem
  • Designing the Market Research
  • Data gathering and analyzing
  • Articulate findings

    Specifying the Market Research Problem: This is the most important thing in the whole process. A company might spend millions of dollars for research work but the key to success is knowing the problem properly before starting the Market Research. A complete specification of problem makes the job easier and sound for the researchers.

    Designing the Market Research:There are three steps through the Market Research is designed.

  • Research design selection
  • Identifying information sources and types
  • Determination and designing of research instruments.

    Research Design Selection is done through three steps:

  • Exploratory Research Design works in an amorphous and informal way.
  • Descriptive Market Research works in a detailed way answering all possible questions.
  • Causal Market Research investigates the problem that is causing the problems.

    There are two types of data available in the market for identifying information sources and types:

    Primary Informations are the ones which are collected by the researchers themselves.Secondary Informations are the ones which were collected some times earlier by somebody or organizations.

    Determination and designing of research instrument is also important. After determining what kind of informations are needed the researchers determine the means through which data are to be collected. These means are mainly telephones surveys, mail surveys,group interviews or personal interviews.

    Data Gathering and Analyzing: Data collections are done by hired students or employees. Some times it analyzed by hired officers and some time the research institute itself goes through the process.

    Articulating Facts: After all these steps are cleared properly a report of Market Research is articulated and submitted to the concerned company or the institutions.

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