Market Research

Market research is an organized effort of gathering information and creating insights based on the information by using data analysis.

Why is market research important?

Market research is an organized effort of gathering information and creating insights based on the information by using data analysis.

We can earn more profit based on the outcomes of the insights from the provided research data. Every Company does market research to make their product better and also to sustain the market .

Quantitative Techniques for Market Research

Consists of:

  • Customer Surveys
  • Analysis of secondary data
  • Social and Opinion Research

If you want to get into quantitative research, the following subjects are useful:

  1. Business or Management
  2. Economics
  3. Mathematics
  4. Statistics

Qualitative Techniques for Market Research

Consists of:

  • Focus Groups
  • In-depth Interviews
  • Ethnography

For qualitative research it is helpful to have a degree in a subject such as:

  1. Anthropology
  2. Geography
  3. Psychology
  4. Social Science
  5. Sociology

Market Research Process

Understanding the Customer's needs.

The based model of the market starts with the customer and then the vendors .So for the better research of the market start with the consumer problems .

Think for long term survival.

The biggest mistake every company researchers make is that they won't think for the long term survival of the project and highly invest in the projects with no outcomes.

Authenticated source

Whatever your information is, the main thing is that the source must be authenticated .False data on the market results in the greatest loss you ever face.