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Market research is an essential tool for developing your business. It is a process of systematic collection of relevant data of your product, customers, competitors, and market forces. These data help you formulate plans at furthering your business.
You form an idea of the number of customers for your product depending on different factors like income levels, gender, age, utility, and location of your product.
Market research gives you a basic idea of how the market is functioning, what determine market movements, what is the effect of such movements on your product, what you can do to better or alleviate any problems for your product and so on. The list is endless. Market research enables you to form an idea to increase sales and better marketability techniques.
Market research forms an essential element of the foundation of your business. Therefore, you need not wait to launch your product and then watch the market for any signals to start your research.
Essentially, you need to conduct market research well in advance. You have to do the essential groundwork to locate the potential of your product. Only thereafter, you can judge viability of producing and marketing your product.
Market research depends on gathering of market information.
Market information refers to information regarding sale of your product, wants of customers, number of customers, competitors in the market, opportune time for sale, expected quantity of products, and so on.
For effective market research, you need to divide the market into different segments. This helps in analyzing market thoroughly. You can gather information about present market trends and locate suitable areas for marketing your products effectively and profitably.
You can conduct market research in two different ways-direct or indirect. Direct market research means you approach customers directly through telephone, web site, door-to-door surveys, or through questionnaires.
You ask them many questions regarding your product. You set a particular pattern of questions and thereafter analyze the results. This is an expensive way of conducting market research.
Indirect market research is through specific databases like National Statistics or other agencies. Such market research helps you understand quantity of your market, number of customers, and the like. This type of market research does not pinch your pocket much.
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