Every company want its newly launched products to become popular in the market in no time. To gain the market share some analysis of market has to be done before launching of the product. This market analysis is called Market Research. These can be broadly categorized into Primary and secondary market research. Market analysis helps the company to understand that a particular product will be liked by the customer or not. Some questions like which is the competitive product already present in the market, which strategy has to be followed to gain a competitive edge over other products and so on are answered by Market Research. Many marketing management students have assignments related to market research. One of the best paper writers with excellent writing services are from BookMyEssay which provided thousands of students their Market Research assignment writing help service.
What are Market Research Techniques?
The market Research Techniques are classified into Primary market research and Secondary market research. We will discuss the processes one by one:
- Primary Market Research: When the information about the product or the business to be launched is obtained a fresh from various resources it is called Primary Market Research. It is not based on the previously collected data by other researchers or internet. It is originally collected data by the researcher’s analysis. The techniques categorized under Primary Market Research are summarized as follows:
Focus groups: It is a group in which about 10 potential customers participate for the discussion about the product. The discussion is led by a moderator or leader. The leader makes the participants involve themselves in the discussion and give their honest opinion about the product.
Observation: It is done by the researcher without interaction directly with the customer. He watches the customer while buying the product, what the customer wants to pay for the product and so on.
Interview: The researcher has one-to-one discussion with the customer. This may be direct or telephonic. The questions may be standard questions or in-depth. This is the most powerful technique in market research.
Survey: This may be conducted over phone or e-mail involving potential customers. Their opinion about the product is obtained by their answers to a set of Questionnaire.
- Secondary Market Research: This research is based on the data collected earlier by other researchers from the market. The information is collected from available data resources. This is not easy as to access the right information from vast resources is quite difficult. Various data resources which helps in Secondary Market Research are:
Internet: Information available on the internet from a reliable resource is easily accessible but to analyze it is a challenging task for the researcher.
Libraries: Public libraries are an excellent data source of authentic information. The data is available in print form and one can easily obtain photocopies of the information.
Educational Institutions: Most of the potential customers are the youngsters. So colleges and universities are the best data source for market research.
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