Posted in Marketing and Strategy Terms, Total Reads: 851
Definition: Market Research
Market Research is a process of systematically designing & collecting data from the market followed by analysing & reporting of the collected data. It is a very common method used by marketers to identify the tastes & preferences of the target consumer.
Though market research is carried out by the concerned company itself, these days there are various 3rd party market research firms which carry out the research for the company.
There are basically two types of Market Research:
(1) Secondary Research: This is the process of collecting the data that is already available from various sources like internet, books, research articles etc. During the first few stages of the market research process, secondary research is carried out to collect information which is already available.
(2) Primary Research: This is the process of collecting the data from the targeted market by interacting with the customers through various modes like Focus Group Research, Observatory Research, Experimental research, Survey Research.
In Primary Research, one of the most commonly used research instrument is Questionnaire. It consists of a set of questions (open end or closed end questions) which is given to a potential customer & the response is collected.