Statistics and Research
What is Market Research?
Marketing research is a form of business research that examines all aspects of business environment. It is a systematic and objective process that involves gathering, recording and analysis of information and data about consumers, competitors, market structure, economic trends, technological advances and other factors that affect and make up the business environment.
Gay Market Research
Marketing research (or market research) has two general categories, namely consumer market research and business-to-business (B2B) market research. The former was primarily aimed at understanding the effects and success of a marketing effort on consumers by analysing consumer buying behaviour and preferences.
Why is Market Research Important?
For both large and small business, first hand knowledge about the overall business environment is important in making effective business decisions at minimum level of failure or risk. The information and data arriving from a market research are essential tools in managing business operations. They are basically helpful in the development of a business plan, fine tuning of existing products and service, launching of a new product or service, and expanding into new markets and market segments.
Marketing Guide for Success
Characteristics of a Good Market Research
A good market research should help a company devise effective marketing plan and business decisions by providing answers to questions like:
- What are the existing and foreseeable markets trends? or What is happening in the market?
- Who are the competitors? How do they perform in comparison to your business?
- How do consumers talk about a certain product? How do they respond to marketing campaigns?
- Are your products and services needed?
- How will trends and changes affect your sales performance and business operation?
- How much demand are there for what you are selling, or what you hope to sell?