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What´S Market Research? Essay

1911 words - 8 pages

Market research is a process which companies, industries and organisations carry out to gather, analyse and interpret information gathered from the market. Market research can research about a new product that is going to sell on the market or an existing product and get to know existing and future customers spending habits and their preference. Besides, market research also involves research on competitors business owner face. A successful market research is a market research that can collect accurate information from the market because accurate information help business owner to make the right decisions and thus it helps them to make more profit.
Basically market research can be identified into four main class of study. First is investment studies, this study is carry out to find out how the market will react to a new plant investment, research, or promotion. Companies want to know whether their new move is being welcome by the public before they implement it. The second is marketing studies, marketing studies focus mainly on market structure. This class of studies is carry out to find out sales opportunities for existing manufacturers. The third is new product investigations. By judging from the title we know that for this class it is use to initiate new product ideas. Companies use this to find new ideas and also the sales potential of a new product, sometimes new products are found from market needs. For example customers want a watch that can call but this product is still not in market after market research a company knows there is demand for this product so they produce it. The last is business forecasting. Business forecasting has two roles in marketing research that is to provide better analysis of market structure for long term forecasting and provide minute data for short term forecast.
Now, how is market research being carried out? There are five steps to carry out market research. Market research start with defining objectives that is to identify the end result that needs to be achieved. Next is developing the sample. This is to determine the group which can provide us answers that are related to our research for example if we want to make a market research about education then we can find a target group of parents, teachers and students. If we want to a do a market research about health care then our target group might be doctors and patients. Next is to develop questions. Developing questions is a very important part as the questions asked should not be biased in order to collect useful and accurate information. A biased question is a question that directly or indirectly force the user to choose the answers. For example a question ask “do you want money?”. Then this is a biased question because all of us will choose “want” therefore it has force people to the answer. The next step is collecting data. Collecting data can be carry out by giving out surveys through phone, web, mails, face to face interviews and others. There are...

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