Market research is a process of guiding for new business decisions. It involves tracking the new information, recording data and information about the customers, competitors.
Market Research is different types mainly:
1. Primary Research
2. Secondary Research
3. Purpose Suggestions
4. Sampling Methods
Secondary Research: It is of two types internal sources and external sources
Internal resources are something like company accounts, report and analysis, stock analysis etc.
External resources are something like company statistics, trade publications, magazine surveys, and customer speaks, research documents and latest trends.
Primary Research: It is very effective to collect. In the present market research this primary market research is very important for every organization.
It is something related to gathering information from online reviews, online reputation management, forums, blogs, telephone surveys, customer interviews etc.
Market trends:
Calculating and measuring up and downs of a market during a certain period of time.
• Customer measurement and monitoring
• Competitor analysis
• Risk analysis
• Product research and trends
Advantages of Market Research:
1. It helps for the future market directions and new approaches.
2. It creates a vision
3. Reduces the risk for new developments
4. Helps in strategic planning
Posted by Logicbowl.com
