Market Research is a systematic method that gathers information about a market, a product or a service to be offered in the current market to make it profitable.
A company can use Market Research to identify its target audience and to understand what its clients think about a product or merchandise before it goes on sale to the public. The process involves gathering information about potential clients as well as the market’s past and present, along with their spending habits and geographic location.
Market research has the primary goal of gaining a deep understanding of the contents. Market research is essential for all businesses, large and small. Although market research can be done by the company, it is possible to have an accurate analysis of the market using third-party companies.
Different types of market research:
Quantitative research –
This is a method that generates numerical data with a focus on the measurement of market phenomena and the requirements for statistical analysis. Quantitative research can be used to compute opinions, behaviors, or other variables to extrapolate from larger samples. Quantitative research requires that all respondents are asked the same questions. For example, an insurance company may ask its clients to rate their service as poor, satisfactory, good, or excellent. This allows the company to gather quantitative data that can be statistically analyzed.
One of the most commonly used quantitative methods for putting together quantitative research is the ‘market research survey/questionnaire’. This survey collects data about the overall experience of various cases, such as end-users or sets of products. The following survey is a quantitative data collection technique:
- Surveys on paper
- Online surveys
- Mobile surveys
- Surveys at the Kiosk
- Interviews via telephonic telephone
- Tete-a-tete interviews
- Website interceptors
- Studies of longitudinal relationships
- Systematic observations
- Online polls
Qualitative research –
This is a process to gather the facts and figures needed to understand the opinions and motivations of the target audience about the products. It provides an overview of why or how things work. It provides a clear view of the inherent opinions, motives, and motivations.
A researcher might ask someone who just bought a particular perfume why they chose it. Qualitative research provides a deeper understanding of the problem, which can be used to create ideas or theories that will improve quantitative research.
Quantitative research employs a set of questionnaires, while qualitative research uses a topic guide or discussion guide that allows for deeper analysis of a variety of issues. Individual interviews, group discussions, and participation or observation are all common qualitative research methods. One of the most popular techniques for qualitative research is group discussion.
This involves 6-8 respondents and one moderator. Moderators are responsible for asking the right questions and extracting the relevant answers. They also keep the discussion lively to achieve a positive outcome.
Finally, market research & analysis gather all data analytics and make recommendations to clients based on their final report. These inputs allow the new company to make the best decision about the pricing, distribution, promotion, and pricing of their products. to maintain a competitive market and make a profit.