Market research
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Market research is an elaborate organized attempt to collect information about customers and target markets: understand them, beginning with who they are. It’s an important element of marketing strategy and quite possibly a large determining factor in keeping competitiveness alive. Market Research can be done through many different ways: asking customers; surveys; using focus groups; and asking manufacturers. These days, however, computers have made market research more accessible and effective, and it’s also usually a lot faster.
Surveys are obviously a popular method of market research. In fact, most companies conduct surveys on a regular basis. A typical survey will consist of several minutes, so researchers make sure that their questionnaires are appropriate for the age group of the participants. For this reason, the actual length of a typical research questionnaire may vary, depending upon the specific focus of the researchers.
Some people prefer telephone interviews over surveys, because they’re much faster. These days, most companies require an interview in addition to the data collection from interviews. These interviews are designed to elicit responses from the interviewee, such as their demographics, preferences, and buying habits. However, researchers also like to collect other data, especially from people who already frequent the company. These are called “hard-sell” interviews.
Another common approach to market research is to use focus groups. In a focus group, the researchers observe a specific instance or problem and record the responses. Then, the researchers use the data to identify certain characteristics or behaviors that apply to a new product. The group then puts together a report, which identifies the strengths and weaknesses of the product. Perhaps the most effective market research involves the use of a consumer panel.
Consumer panels are groups of people who receive offers for a specific product. Their answers help researchers determine if a market research study is appropriate. Some consumers, for example, are willing to share their opinions about products and services with researchers. However, exploratory research relies on secondary information, such as the results of surveys or focus group discussions.
Market research helps researchers learn more about consumer needs and preferences. It also helps them build stronger business relationships. In addition to providing in-depth data collection, researchers need to be careful not to sacrifice the confidentiality of the consumer’s identity. Sometimes companies make their in-depth data collection techniques known and invite individuals to attend focus groups or online forums. This kind of marketing “leaks” the researchers’ confidential data collection techniques to the general public.
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