Methods for Market Research – Business Planning?
Getting confused to doing market research for your organization?
Market research (also in some contexts known as industrial research) is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. RJ as a team makes a restart for your business and makes sites accordingly.
MARKET RESEARCH FOR BUSINESS/PLANNING
Market research is a way of getting an overview of consumers’ wants, needs, and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Peter Drucker believed market research to be the quintessence of marketing.
There are two major types of market research.
- Primary Research
- Secondary research.
BENEFITS OF MARKET RESEARCH
- Tapping opportunities – One of the biggest benefits of conducting market research is that it enables you to find out the various market opportunities and makes it possible to tap into them effectively. For example, it may help you to find whether your product is suitable for the audience you have targeted or not, and if it isn’t, then market research helps to identify the suitable audience.
- Encouraging communication – Market research helps you to find out the best way to communicate with your customers. After obtaining research results done by RJ one tends to know the audience’s nature, personalities, likes, dislikes, etc. and this makes it
TYPES OF MARKET RESEARCH TECHNIQUES
PRIMARY MARKET RESEARCH:
Primary market research is a kind of market research that is done by the business or company itself with the objective of gathering information that can be used to improve the products, services, and functions. Primary market research is also known as field research since it is research done from scratch by RJ without using any information that is already made available through other sources. One can gather primary data or information through qualitative research methods as well as quantitative research methods. Primary market research is the most common type of market research method and is also the most valuable type. It is a method that only answers specific questions and not irrelevant issues.
One of the main ways used to conduct primary market research is through focus groups. This method involves getting a group of people in a room or a place and asking them insightful questions regarding the product, its development, their preferences, and feedback, etc. These types of focus groups can be run or conducted at any location feasible for the company or business.
SURVEYS AND QUESTIONNAIRES:
Another superb and highly effective way to conduct primary market research is through surveys and questionnaires. The term ‘surveys’ is a broad term that covers a lot of things such as survey questionnaires, survey forms, survey interviews, and customer satisfaction cards, etc.
There are two major observation techniques or research methods used in primary market research, and they are observation through interaction and communication with the subject and observation through no interaction and communication with the subject. This form of research method comes under the quantitative primary research since through it, researchers evaluate or measure the behavior of the respondents or the users in general. This is more of a personal approach in comparison to surveys and questionnaires, etc.
SECONDARY MARKET RESEARCH
As opposed to primary market research, secondary market research is a research technique that does not aim to gather information from scratch but relies on already available information from multiple sources. This research focuses on data or information that was collected by other people and is available for either free or paid use for others.
Internal sources are those kinds of secondary market research sources that already exist and are collected in the business’s database or file system. Here RJ makes a thorough analysis of secondary data collection and will make infographics in that. Internal sources include information that has already been collected by the company and proves useful for future projects, etc. For most businesses, internal sources may prove enough to develop new products and services, and this may not require them to look outside.
Balance sheets – Previous balance sheets of the business can be referred to in order to find stats and figures that may prove useful for evaluation.
Profit and loss statements – Profit and loss statements can be consulted to find out what kinds of products and services resulted in profits previously.
In case the internal sources don’t fetch enough or sufficient information, external sources can be use. External sources are those sources that present data that is collected by other businesses or people. These are collected from outside the business’s environment and include multiple sources. External sources can be wide and varied and hence one must follow a controlled approach to assessing them.
Government sources – Several government sources can be used to collect a lot of useful information about multiple subjects.