The idea of market research has found unprecedented growth in the
times of recession. Such researches are fruitful in boosting sales of
existing as well as new products. Proper research and planning is an
integral part of a successful business venture.
Basic Concept of Research
Market
research is basically the process of collecting and analysing essential
data which is related to certain products and services. It is one of
the best and proven methodologies adopted by businesses to meet tough
competitions in the markets. The basic concept that underlies beneath
the fact of such researches is to understand the needs and requirements
of the target audience. It is only when the needs of the target audience
is met, that businesses achieve its goals.
The Necessity of Market Research
Studies
have proved the importance and necessity of researches conducted
through various ways to understand the existing market scenarios. Some
of the most important reasons for conducting market research involve the
following:
Multiply profits: With the help of
such researches, it is possible to analyse different methods to maximise
profits. By maximising profits, the company can assure of its long life
and increased revenue.
Appropriate decisions: Market
research helps companies to take the right decision related to products
and services. The entry of new products and its considerable effects on
the consumers can be analysed in a productive manner with the help of
these researches. It is also easy to analyse the preferences of the
consumers and whether their needs are being satisfied with the products
or not.
Face competition: Tough competitions can
be faced through effective market research. Different aspects of the
competitors such as their type of operations, identity, target audience
and strategies can be analysed effectively which can prove beneficial
for businesses to meet their goals.
Maximise sales: Profits
can be maximised by increasing sales which is only possible through
market research. These researches pave way for a better understanding of
existing market scenarios and the consumer behaviours.
The sole
purpose of such research involves identifying the target audience.
Different types of researches conducted by businesses help to achieve
their goals. The marketers then launch the products to meet the
necessities of their target audiences.
Understanding the Types of Market Research
Every
business organisation requires an effective market research to
improvise their existing products as well as to tap the markets for
better opportunities. Profit is the ultimate goal of any business
venture which can be maximised with the help of effective researches.
There are different methods of conducting researches which are explained
briefly in the following sections.
The two main types of research
include the primary research and the secondary research. Among the two
the primary research is more effective as it involves collection of data
directly from the consumers. However, the primary research is further
categorised into two- the quantitative and the qualitative research.
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