The Comprehensive Guide about Market Research (PowerPoint PPTX)

All you Need To Know About Market research

Introduction

Market research is a set of techniques used to collect information to understand a company's potential target market and business prospects in a specific area. Investors, entrepreneurs and businesses use this research technique to design better products, upgrade products and services, improve customer experience, and plan a marketing and sales strategy that attracts quality leads and improves business results.

Benefits of Market Research

Here are some benefits of Market research:

●Helps businesses strengthen their position.
●Minimizes all types of investment risk.
●Facilitates strategic planning.
●Helps in identifying emerging trends.
●Guides businesses to stay ahead of the competition.
●Provides revenue estimates.
●Focuses on customer needs, demands and expectations.
●Helps assess the success of a business against benchmarks.
●Identifies potential threats and opportunities.
●Helps to find your and your competitor's strengths and weaknesses.

Primary Research Vs. Secondary research

Primary research is a method or technique of research used by companies to collect data or information themselves. Examples are surveys, observations, interviews, field trials, taking customer feedback and ethnographic research.

Secondary research is a technique in which companies use indirect resources to understand business feasibility. While conducting secondary research, companies may fetch data from government documents, statistical databases, news articles, published academic papers, genuine publications, and historical records.

Qualitative Vs. Quantitative Research

In simple words, quantitative market research is the process of collecting large amounts of data by conducting surveys, polling and through questionnaires. Contrary to this, qualitative market research refers to closely observing customers to determine their motivation, usually in small groups or face-to-face interviews.

Methods of Creating Market Research

The purpose of the research is to evaluate the prospects of a business.

Below listed are the various methods used for the technique.

●Surveys
●Focus groups
●Qualitative interviews
●Social media listening
●Observations
●Field trials
●Competitive analysis
●Public data
●Purchased data
●Sale data analysis

How to Create Effective Market Research

The following five tips are very helpful for effective market research.

●Identify the information you need
●Use market reports and other data
●Use field research
●Interpret the information
●Consider using a market research agency


Find Your Business Feasibility Study Expert

One of the most reputable companies in Dubai, UAE with vast experience in market research and business feasibility studies, Indicators Consulting is a name to reckon with. We have professionally trained professionals to help you throughout the process of market research for your business, and also guide you in finding the most prospective market for your business.