Why Market Research is important and How it works?
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.
In Field Research method it required more detailed information relevant to your business. like face to face question asking, phone interview with relevant questions.
