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Market research is the technique of collecting, analyzing and interpreting information about a market, service or product that are for sale in the market. As we know that accurate and crucial information are necessary for the success of any business ventures. Companies cannot develop strategies such as market segmentation and product differentiation without market research.Market research companies deliver relevant data to the companies so that they can easily solve the marketing challenges that their businesses face. These companies provide information on market trends, potential and present customers so that you can easily know the feasibility of a business before committing substantial resources to the venture. So let's discuss about the types and benefits of market research.
Types of Market ResearchPrimary ResearchCompanies usually
hire market research companies to gather primary information. Exploratory or specific information are gathered in primary research. It basically involves detailed and lengthy reviews that define a specific problem and after that specific research is done to solve these problems that are identified in exploratory search. Primary research includes face-to-face surveys, telephonic interview or online questionnaire to find relevant answers for specific purpose. It can be little bit time consuming and expensive because the up-to-date information that is collected can be very beneficial to the companies.
Secondary ResearchIn this type of research, information is already compiled for you. Secondary information basically consists of report and studies conducted by trade association, government agencies and other businesses. This research basically focuses on the existing information and it uses material such as sales figures, market research reports and many more.
Benefits of Market Research - Market research helps in minimizing the risk because the research can provide all the information that may be required by the company to a decision on particular subject.
- You can easily measure the reputation of your companies against various competitors and see at position your company lies and what steps you can take to enhance the performance of your company.
- You can also get feedback about your new products and services with the help of information that is gained during market research.
- Companies can easily estimate the sales and advertising expenditure of their new products with the market research and this also helps in increasing the ROI of the company.
ConclusionMarket research is an ongoing process in which data about target market is collected and analyzed in a systematic manner. The information that companies gain during research helps them in taking important strategic decisions for the organization. Market research is quite beneficial tool for maximizing your ROI so hire a best market research companies to enhance your company's performance.
Source : articlesbase.com
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