Learning from the Experts - The Importance of Market Research Abstract
In business, demand is always changing and therefore it is essential to know how things are changing. For example, a retail business might be considering opening new stores, expanding internationally, or diversify its product. Before proceeding, the business will need specific information in order to make such changes. The process of collecting this information and understanding it is known as" Market Research". In this paper I will give an overview of what Market Research is and what techniques that I found interested that I would like to know more about. I will conduct an interview, with policy and procedures manger, explaining how their agency conducts their market research and how this information that I how information that I read and research will help me to succeed in the Marketplace Stimulation.
Learning from the Experts - The Importance of Market Research
Market Research is a continuous process of analyzing data and interpreting information about a market, product or services that would be offered for sales in the marketplace. This research can help with past, present and potential customer of the products or services you wish to sell. Market Research shows the characteristics of the customers, their spending habits, it help companies to determine locations and needs of their target market, it helps to understand the industry as a whole and it can give you an insight of the type of competitors you may face. Market research can be conducted using such techniques as surveys, product testing and focus group. You can conduct market research yourself, or by a third-party company that specializes in market research. When using an outside research company, test subjects are usually compensated with product samples or paid a small amount of money for their time. Market research can also provide valuable insight to help with reducing business risks, spot current and upcoming problems in the industry and identify sales opportunities.
The exchange between sellers (supply) and the buyers (demand) for a particular goods or services is called a "Market”. Since markets changes constantly, businesses need to have a clear understanding on both the supply and demand. The main role of market research is to provide a business with a comprehensive view of consumers in order to develop products and services that satisfy their needs better than the competition. Decisions need to be informed and market research helps to support this process, significantly reducing the level of financial risk attached with investment decisions and market trend data. This research can also influences decisions when targeting capital investment on projects that will offer the best return on that investment, such as opening a new store or entering a new market.
Market research provides relevant data to help solve marketing challenges that a business will most likely face, this is an important part of the business planning process. There are two types of data that is used in Market research: primary information and secondary information.
Primary information: Is research that a company gather itself or hire someone to gather the information from the company
Secondary information: Is research that has already been gather and organized. (these are examples of what secondary information are: information that you get from reports, studies by government agencies, trade associations and other company that are similar to you)
Market Research Techniques
Two areas of market research that interested me, and I would like to know more about is, (1.) online advertising research and (2.) branding research. In Western Europe, United States, and some parts of Asia, online advertising is emerging. Online advertising, has become an emerging trend and can be a great media outlet for companies. I can see…