ABOUT MARKET RESEARCH
Conducting market research is extremely essential for small scale businesses as well as MNCs, so as to be aware of the changing business environment. It is important to keep a check on the competitors as well as the marketing trends, so as to maintain a competitive edge. Market research is a powerful tool in the hands of marketers, which when used wisely can bring immense success to a business. Market research helps in appropriate allocation of resources, so as to capitalize on business opportunities. Most organizations are using market research on the basis of innovation, so as to come up with revolutionary products that could help in meeting unsatisfied needs of the target market.
Businesses today rely much on market research for social media marketing, decision making, product launches and much more. However, the decisions made on the basis of research are as good as quality of research. Marketing research is the art of scientific investigation into marketing problems of an organization, so as to facilitate decision making and formulating alternative strategies to develop new concepts. It involves the systematic design, collection, analysis and reporting of findings and solutions to marketing problems of a company.
The process of Market-Research is a systematic procedure for getting market information. The various steps included for a proper market research process are as follows:
- SPOT THE PROBLEM: The foremost step of market research is acquiring knowledge of the problem. To start with, outlining problems of the firm and hidden cause of the problem should be assessed well. This will help you in guiding path for marketing research.
- SET AN AIM: It is essential to set a goal before conducting marketing research. This sets a direction for your research work. Once the objective is clear, you will know what you are looking for and how to head in your research work.
- FORM THE RESEARCH DESIGN: Before conducting research, it is essential to frame the research design. It is important to understand what your target market is, how you will have target customers, where to conduct research and how customers could be attracted. The research plan has to be framed accordingly.
- PREPARING RESEARCH TOOLS: For conducting accurate research, you need to allocate appropriate tools. It can be either a survey or group discussion or maybe an interview.
- RECORD DATA: The information that is collected should be relevant to your topic and should be accurately noted. The information that is gathered and observed need to be recorded during the research.
- CONCLUSION: Once the information is collected, it is salient to analyze every bit of information. It is important to structure the raw data in the form that proves to be beneficial for the business. Thereafter, a marketing report needs to be constructed so that appropriate decision making can be taken by the company.
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