Why Market Research is important and How it works?

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Market Research process
market research and online survey

Before knowing why market research and survey is important, we should know what is market research. Basically market research is the process to build a link between consumer and service provider.

Market research for new business and existing business.

For new business, lets take an example if someone wants to start a school (as it is also has became a business nowadays) then he/she needs to do a market research about

  • How many schools are there in that area
  • is there any commute problem
  • How many parents are satisfied with existing schools performance
  • how many are ready to change the  school of their kids if they get a better option etc.

For Existing Business,

  • Market research for new potential products
  • What consumer think about existing products/service and is there any need to change
  • What is purchasing behaviour of targeted customer
  • Things which can change or make an effect on customer purchasing
  • Identify competitors and their offering

Now, lets know what kind of methods market research companies adopts

Market research companies basically applies desk research and field research

Desk Research method is comparatively less time and money taken process because it uses already available information for research.

desk research
Desk Research

In Field Research method it required more detailed information relevant to your business. like face to face question asking, phone interview with relevant questions.

field research and online survey
field research

 

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Comment on this post

Umesh Rajak 07/18/2017 08:42

Good online research information provide start to my business.I have more benefits do this type research.

Shashank 07/18/2017 08:18

Simple and point wise blog for Market Research...and the example for school is good.....Keep it up!

Narender 07/14/2017 08:55

Good information about Market Research... Thank you guys...