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Essay / What is market research? - 1766
Market research is a process that businesses, industries and organizations undertake to collect, analyze and interpret information gathered about the market. Market research can research a new product that is going to sell in the market or an existing product and find out the spending habits of existing and future customers and their preferences. Additionally, market research also involves researching the faces of business owners of competitors. Successful market research is a market research study that can collect accurate information about the market because accurate information helps the business owner to make the right decisions and thus helps them earn more profits. Basically, market research can be identified into four main classes of research. First there are investment studies, this study is carried out to find out how the market will react to a new investment, research or factory promotion. Companies want to know if their new initiative is well received by the public before implementing it. The second is marketing research, marketing research mainly focuses on market structure. This class of studies is carried out to discover sales opportunities for existing manufacturers. The third is new product surveys. Judging by the title, we know that this course is used to launch new product ideas. Companies use it to find new ideas as well as the sales potential of a new product. Sometimes new products arise from market needs. For example, customers want a watch that can call, but this product is still not on the market. After market research, a company knows that there is a demand for this product and so it produces it. The last one concerns business forecasts. Business forecasting has two roles in marketing research: providing better analysis of market structure for the middle of the article......tance of values research for nonprofit organizations: values based on the motivation of museum visitors', International Journal of Nonprofit and Voluntary Marketing, Vol.6 Iss: 2, pp.116-130.7) Jean F.Carroll, (1938) 'The value of marketing research for retail chains 'business', Journal of Marketing, Vol.3 No.2, pp.184-188.8) Malcolm Robert Victor Goodman, (1999) “The pursuit of value through qualitative market research”, Qualitative Market Research: An International Journal, Vol. 2 Iss: 2, pp.111 – 1209) Fred T. Schreier and Albert J. Wood, “Motivation Analysis in Market Research” Journal of Marketing, Vol. 13, no. 2 (October 1948), pp. 172-182.10) James Williams (2013) “The Disadvantages of Market Research in New Product Development.” Available at http://yourbusiness.azcentral.com/disadvantages-market-research-new-product-development-20911.html (Accessed November 10 2013)