Market Research
serves as an anchor to all businesses and organizations that wish
to widen their scope of knowledge on consumer needs and expectations. Assuming that we already have
a complete understanding of our clients' demands is the common mistake of those who typically had
"beginners' luck" in the initial phase of their product launch. Well conducted market research
efforts provide us with specific answers spelling out consumer needs, expectations and preferences.
While primary knowledge and understanding of our prospective customer base is indispensable, we
should also map out the market as a whole, and do our homework on our competitors' activities as
well.
Various types of Market Research methods are available to answer the requirements
voiced by different segments of the industry. Two basic categories encompass the wide array of
strategies: secondary and primary research. Secondary
market research, as its name suggests relies on second-hand sources to derive
information on a specific subject.
Article reviews, literary sources and the analysis of
existing data are the pillars of secondary research. It provides useful background information,
establishing a strong basis for further inquiries and requires no significant financial
investment.
Primary research may be conducted on a qualitative basis, used for exploring and
developing new ideas. Small focus groups are designed in order to test new notions and opinions and
generate discussions over a given subject.
The groups are guided by moderators who help
participants analyze certain aspects of the given topic.
While focus groups are excellent at pointing out key
issues and concerns or problems in association with the subject, the results cannot be interpreted
as large-scale representations of entire segments' of a population's needs. The findings of
qualitative
Market Research are often misused in order to support a certain point or
theme.
Quantitative research yields more tangible results, providing researchers with
substantial feedback on their main areas of concern. Quantitative
market research includes mail- and telephone surveys as well as in-person
interviews of a group of selected individuals. A well-constructed questionnaire completes this form
of information gathering, enabling researchers to fill out certain voids in their knowledge.
The Market Research Buyers’ Guide provides information
on how to choose a
market research company most suitable for your personalized needs. Furthermore,
the Buyers Guide provides professional market research terminology, a market research checklist,
and a selection of interesting articles related to the topic
.
