Introduction to Market Research Essay
TOPIC: MARKET RESEARCH – Need, Tools and Examples
ABINAYA NARESH ANANTHAKRISHNAN ANANTHAPADMANABHAN P ARUN PRASANNA A.P ASWIN KUMAR U.K
WHAT IS MARKET RESEARCH
Market research is any organized effort to gather information about markets or customers. It is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research provides important information to identify and analyze the market need, market size and competition. Firms conduct research on …show more content…
PURPOSE OF MARKETING RESEARCH
Marketing research can help businesses by:
Gaining a more detailed understanding of consumer needs – marketing research can help firms to understand consumers’ opinions over a range of issues, e.g. views on pricing of products’, recent advertising campaigns, packaging.
Reducing the risk of product/business failure – there is no certainty that any new idea will become a commercial success, but accurate and up-to-date information on the respective market can help businesses make informed decisions, hopefully leading to products that the consumers want in sufficient volumes to achieve commercial success.
Forecasting future trends – marketing research can not only provide information about the current state of the market but it can also be used in anticipating the future customer needs. Firms can make the necessary adjustments to their product portfolios and levels of output in order to remain successful based on the research results.
MARKET RESEARCH TOOL.S
Market research tools are resources that assist the process of conducting investigative and decisive research, compiling the data and responses, and analysing the information to satisfy an objective. Above is an example of some tools used by “PowerDecisions Group” a Market Research Companies. Companies like PowerDecisions, AC Nielson, Amba Research, Hansa Research all use their own research