Market research is a term which is very commonly
used by businessman while designing their marketing mix. Generally market
research is understood as an activity where the
company compiles information regarding a particular topic
and research the market for the particular product or service they are planning
to offer. It can be done both online and offline using the various market research
techniques .It helps in gaining insight about the market.
Definition
of Market Research:
As
per Wiki: It is a type of function which helps in linking
with consumer or targeted customers by utilizing the information gathered
through various sources. With the help of market research the business owners generate,
refine their marketing actions, monitor the performance of marketing plans .It
addresses the issues faces by the marketing team then helps in designing the
plan which can help the organization to be successful
.
As
per AMA: It is a function which helps in directly connecting
with the customers, public and to define the marketing opportunities .The data
or information is collected while keeping in mind certain objective.
The market research is a study of the market and its
trends without influencing anything. Here the customer and its views are the
center of the entire research. No assumptions are made all the facts are
collected which helps in the decision making process. It is a free tool and
various techniques can be used to gather information.
Steps involved in market research are:
·
Collect the data and prepare it to analyze
·
You should identify the potential
markets and prioritize it according to your preferences.
·
Communicate the goals and target decided
after the research to the stakeholders
·
Lastly, track your relationship with the
targeted and potential customers.
Let’s
learn about Top Market Research Tips for Business Grow:
It
is very useful in defining the marketing techniques of any type of business. It
can help the business to target their product and services to the potential
customers easily. If it is well executed then can bring a drastic and impact
change in the business growth.
It
will be helpful in defining a strategy for the product or service offered by
your business. You can get a target of potential customers without spending
much money and less risk cost involved in it .During the market research
different complex models are used to predict the behavior of the buyer or
consumer in response to your marketing campaign. After the detailed market
research you will get an idea about the present state of the market, consumer
behavior and details about the different competitors available in the industry.
You
should have detailed knowledge ad understanding about how to perform research
otherwise theentire outcome can shift your focus to some another direction
which might not be fruitful for your organization.There are some Market
research providing companies also which conduct research on your behalf and
help in making it successful and beneficial for your business growth.The
experts from the research conducting company will guide you best for the same.
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