What is market research?

researching the market

What is market research?
standing in the town and preaching for some answers, recording them and then analysing them.
Reply:Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and potential customers.





The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company.





A list of questions that can be answered through market research:





* 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?





A simple example of what market research can do for a business is the following. At the company Chevrolet they brought several disciplines together in a cross-functional team to develop a concept for a completely new Corvette. This team enabled the marketers to come up with an alternative concept, one that balanced 4 attributes: comfort and convenience, quality, styling, and performance. This was considered radical because comfort and convenience were not traditional Corvette values. However, market research demonstrated that consumers supported the alternative concept. As a result the new Corvette was a huge success in the market. [Burns 2001]





With market research you can get some kind of confirmation that there is a market for your idea, and that a successful launch and growth are possible.
Reply:Putting "feelers" out in the general population to see if there is demand for a certain product, or service.
Reply:hm, maybe it is somethin like d shopping list but in a sense of a reseach way...
Reply:Market research is essential for any business organization that wishes to stay in business. It is the process of gaining information about your market. Preferably, this is specific information about your target market and the key factors that influence their buying decisions. Market research can be casual and limited in scope and, although it may not be “statistically significant” research, it can still be valuable. The value and “degree of fit” may be based on the quality, cost, or the amount of time to acquire the information using these practical market research tools.
Reply:Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and potential customers.