What is market research?
Market research is an effective way to learn about potential customers, their opinions, habits, trends and future plans. Use it to determine the geographic area of a business and demographic characteristics of customers such as age, gender, income and educational level. Market research may make the difference between the right and wrong decisions that affect sales. It may reveal unfilled needs, suggest marketing strategies or identify the competition’s strengths and weaknesses. Business cannot afford poor decisions. Market research involves asking questions, recording information and taking time to learn from the information. Market research develops an information base to estimate sales, develop market strategy and decide how to enter the market. One approach to market research is to compare customer needs and wants to competitors’ weaknesses as well as to customer demographics. For example, a large customer base of dual income families with discretionary income may exist. If this cus
Market research is the planning, collection, and analysis of data relevant to marketing decision making, and the communication of the results of this analysis to management. A marketing research company conducts market studies to compile data for analysis that they present to companies who request their services.
Market research is discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is complete you can use it to determine how to market your specific product. Here is the process: • Establish and Write Your Goals. What do you want to know? What do you want to find out? Goals might involve demographic information about your target market, the brands that your target market currently use, their perceptions of a particular product. Try to be specific when you write your goals, it will make your data collection easier. • Collect Information with one or more of the following Research Methods: • Literature searches: review all relevant and accessible reading material. • Use search engines to find e-books and articles related to your industry and product. Here is an excellent article by Sue Lewis that will show you how to research for your industry. • Visit your competitor’s sites to see how they are marketing their products using benefits and
Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes. Based on market research data, businesses can develop a “target audience.” A target audience is a specific group of customers that has a distinct need or desire for a product or service. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing market research information, manufacturers and service providers learn where to focus their resources most effectively. For example, mature men and women are most likely to
Market research within PTAC entails two phases. The first phase is to identify potential markets based on client/firm capabilities (i.e. CNC machining, welding, painting, etc.). This analysis is important as it allows us to identify new product development opportunities. The second phase focuses on research into federal government opportunities which offer the best potential for profitable success. This phase is done in collaboration with the client/firm to insure capabilities develop by the client/firm to conduct self directed market research over time. See in-depth information and related links. In depth information on this topic.
