Market Research

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Market research may be defined as a systematic and objective identification, collection, analysis and dissemination of information required in understanding and predicting market preferences and trends from the perspective of a product that is either being developed or has already been developed. Generally Market research is conducted to gain an understanding of true state of affairs before releasing a product. Therefore the purpose of such a research is to gain understanding of the local population and their preferences. Based on the data obtained, a Marketing Plan can be formulated that is positioned and targeted at potential customers and at the same time effort is made to create a brand image in a viewer’s mind that can add to the emotional value towards the product.

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Market Research

  1. 1. 4/2/2012 iPOTT Getting you there… Market Research Market research may be defined as a systematic and objectiveGo Goal identification, collection, analysis and dissemination of information required in understanding and predicting marketSet, Get, Go… preferences and trends from the perspective of a product that is either being developed or has already been developed.To visit this blog Click here. Generally Market research is conducted to gain an understanding of true state of affairs before releasing aiPOTT being an end to end product. Therefore the purpose of such a research is to gainprovider of innovative and cost understanding of the local population and their preferences.effective services in the areas of Based on the data obtained, a Marketing Plan can beknowledge management, sales formulated that is positioned and targeted at potentialenablement and consulting offers customers and at the same time effort is made to create aa unique and unbiased platform brand image in a viewer’s mind that can add to the emotionalfor software product companies value towards the product.worldwide to reach their targetmarkets Marketing is not merely product orientated but people orientated, which creates scope for variations in the nature of plan adopted in different regions. For instance, preferences of www.ipott.om people in Middle India may not be the same as preferences of info@ipott.com people in Kerala or Tamil Nadu. The idea here is to identify and gather that information which can create a long lasting influence by associating the product with certain events, symbols, popular icons or even objects that the local population has accustomed to. Based on these differences in needs, variations in Market research are inevitable. For instance some products that are selling extremely well in a supermarket or on high streets may not sell well online. This has led to a range of market research styles being followed by companies each being tailored to suit the product features. Examples include ad tracking, brand equity research, brand name testing, commercial eye tracking, copy testing and mystery shopping.
  2. 2. However, the basic idea of conducting market researchremains the same. Traditional method is either Qualitative orQuantitative research. Generally a Market research involvesPrimary and Secondary research. Primary research involvescollection of original data using methods devised by theresearcher to test the market. It could involve questionnaires,interviews and focus groups to name a few. A secondaryresearch involves collation of related data that has beenprovided by other researchers, journals, and publications.Studies indicate that primary research is expensive and is timeconsuming as it involves sampling before devising means togather relevant information from them.Quantitative Research:A few other research methodologies may involve askingquestions and normally this results in figures and is thereforetermed as a quantitative research. This involves statisticalanalysis of large quantities of data reflecting the size ofpopulation selected after sampling. For instance, assume aproduct’s entry into Kerala has to be researched to identifythe expectations of local population and whether anymodifications or tailoring is required. Assuming that the sameproduct has created a successful market for itself inMaharashtra, we try to identify population with similarcharacteristics in Kerala. Let’s assume in this case that withreference to product, population in Trivandrum exhibitssimilar characteristics due to cultural mixtures, prevalence ofEnglish(Kerala has a high literacy rate) and growingconsumerism. So, the next step is to identify the place wherethe product may best sell. Depending on this one couldnarrow down on size again. So our sample size has reducedfrom entire Kerala to Trivandrum and further down. The ideais to identify a population sample that is reflective of most ofKerala. That way you could gain an understanding of theperception of respondents from Kerala’s perspective. If
  3. 3. successful, the same research methodology could be adoptedto test another sample identified elsewhere within Kerala.Qualitative Research:Research based on observations may result in qualitative dataas it involves “Ethnographic” study of a social phenomenon inits natural setting. A qualitative research is highly peopleorientated and may involve non-numerical data whichdemands in-depth understanding of human behavior. Theapproaches used maybe ethnography, shadowing, storytelling,narrations and grounded theory practice. The method togather the information may be through focus groups,interviews (maybe structured, semi-structured orunstructured interviews conducted either by telephone orface-to-face) and analysis of documents. Studies haveindicated that in qualitative analysis, generating biased data ishighly probable. This could be due to moderator bias, biasedquestions, biased answers, biased samples and biasedreporting.In the next issue we will cover more information on MarketResearch and the means to avoid bias while collecting andanalyzing data.Related Topics can be found on our other blogs CEO Speak andTechnology TrendsCEO Speak aims at providing latest information on emergingtrends and Best practices to follow in OrganizationsTechnology Trends blog aims at providing Indian softwareproduct development industry growth trend, indicators, etc.

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