Market research is a process usually undertaken by large companies that want to expand onto a new product or service.
It assesses the need for a new service among the potential market, and usually conducted with the consumers in mind.
Apart from demand and need for the product or service, this process also allows companies to include the opinions and further input from potential consumers of the product, which they could be able to incorporate into its quality, quantity, packing, pricing, and so on.
While the usual case for big companies that have the staff and resources to carry this process out on their own, certain organizations may be more inclined to outsource this to a company or firm that specializes in market research.
To generate interest or keep people motivated, the potential consumers may be paid a small amount, or given a sample of the product.
Market Research Strategies
The ultimate aim of research marketing companies is to find out required details about how the planned product or service will be received by its target audience.
This can be based on many things, including the categories of the product, such as flavors for food products, differentiation; meaning how it should differ from the current similar products in the market, and others.
All of this information can then be used to create advertising content accordingly, and include features and specifications that a number of potential consumers would like to see in the product.
The gathering of information as part of the market research process needs to be systematic, so it can be analyzed and interpreted accordingly, and then help in the decision making stage for the company.
The analysis and evaluation stage will likely uncover patterns and important pieces of data relevant to the product or service.
For example, certain products and services may be in high demand in residential areas, while not being so popular in metropolitan districts. Regardless of the kind of product, some may see it as a luxury, while others may classify it as a necessity.
Types Of Information Gathered
Market research is based on several types of information being collected, which help serve different purposes. Primary information for example, is the information obtained by the person in the field who interacts with potential customers.
At this stage, there are two types of research consumers can engage in, the first one being asked general and unspecific questions, thereby giving rise to certain specific issues the company should focus on.
After this, the questions become more targeted, and the aim here is to solve and address the aspects identified after the first part.
Market research therefore serves more than one purpose; to allow the collection of general data and demand, and also to put the notable issues and questions to the consumers themselves.
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