What is Market Research?

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Market research essentially helps marketers and organizations find answers to their business related problems which they encounter every day. A very informative presentation with pictorial representation of Market Research Process.

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What is Market Research?

  1. 1. WhatIsMarketResearch.com What is Market Research?
  2. 2. WhatIsMarketResearch.com 4. Information Evaluation 1. Data Collection Data Data Data 3. Data Analysis 5. Client Presentation2. Data Processing
  3. 3. WhatIsMarketResearch.com Market research is a process of gathering, analyzing and interpreting raw data abouttarget market, product or service, competitors and about past, present and potential consumers to derive usable business information.
  4. 4. WhatIsMarketResearch.comWhat Questions Can Be Answered Through Market Research? Who are my target audience? What do they need? What are their wants? Which geographies have sales potential? What can be the distribution channel? Why they will need/want my product and services? Who will be our competitors? How’s the market environment?
  5. 5. WhatIsMarketResearch.comWhat Questions Can Be Answered Through Market Research? Continued…. What can I do to make my product and service more attractive? What are Government rules and regulations in my target market? What is the best entry strategy for my target market?
  6. 6. WhatIsMarketResearch.comCases Where Market Research Can Be Used. Case 1 : We (foreign manufacturer) want to know if there is a market in India for electronic products which operate on alternative energy systems. Can you tell us ?Research Solution: In this case an opportunity assessmentstudy will be conducted to find out if there is a market inIndia for targeted products i.e. products which operate onalternative energy systems.
  7. 7. WhatIsMarketResearch.comCases Where Market Research Can Be Used. Case 2 : I have a product which is superior to the products currently available in the market. Can you test and tell me if consumers also think so?Research Solution: In this case a product testing study willbe conducted to find out how the targeted product fares inthe market against its competitors.
  8. 8. WhatIsMarketResearch.comCases Where Market Research Can Be Used. Case 3 : I can launch this product only if it can manage ‘X’ volumes. Can you do a research and tell me it would generate ‘X’ volumes?Research Solution: In this case a market research study willbe conducted to find out if that market will be able to meetexpectations in terms of demand for target product.
  9. 9. WhatIsMarketResearch.com What is Market Research? Read More @ http://whatismarketresearch.com/

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