What is market research?
The method of collecting, studying, and decoding data about a market, about a service or product that will be offered for sale in that market, and about the past, present, and ability of customers for the services or products; studies on the characteristics, spending habits, location and needs of your company’s target market, the industry as a whole and the specific competition you face.
Market research is the technique of evaluating the feasibility of a new product or service through studies conducted directly with the customer that allows a company to discover the target market and report customer reviews and other input about interest in the product. product. Market Research can be done through the employer itself or through a third-party company that specializes in the subject of market research.
That is, if your research told you that scientists had already created a new type of fabric that helped the wearer lose weight just by putting it on, for example, your clothing retailer might want to regulate your purchasing plan to verify designs. use of this new fabric. Or if you’ve found that consumers in your area rely heavily on coupons to create a purchase option, you may decide to try sending your mailing list with a promotional coupon.
Many marketers make the mistake early on of thinking they know what their customers need without even asking. This could result in some very expensive mistakes later.
In order for you to find out what exactly your customers want, you need to undertake a method called ‘Market Research’. This module will present some basic information on the concept of market research, its many uses of an offer to guide how you can design your own market research questionnaire in your mini-company.
• To decide the viability of a new business: if Market Research shows that there is very little demand for the service or product, the business venture may not prevail.
• Know and develop capacities in new markets.
• To stay on top of advertising trends and develop strategies. on how to live ahead of the curve or adapt to conversion market conditions.
• To test demand for new merchandise or capabilities.
• To determine the highest product placement – how, when and what should a product enter the market.
• To improve and innovate your company. – Early resolution of issues with certain business components of the company, coupled with customer service, allows agencies to triumph over costly disruptions later.
• To improve compliance of your promotional campaigns. By measuring consumer sentiment and information about how your logo is perceived, groups can better shape their branding and advertising techniques.