Market Research is the process of systematically gathering records and analyzing data and information about customers, competition and the market. For adventurous travel blog please visit http://wilsontom.blogspot.com/

1. MARKET RESEARCH Submitted by: WILSON TOM wilsontom.blogspot.com

5. PERSONAL INTERVIEW Like focus groups, personal interviews include unstructured open ended questions. They usually last for about an hour and are typically recorded. The results are not statistically reliable which means that they usually don’t represent a large enough segment of population But personal interview is an excellent way to uncover issues related to new products or service development. OBSERVATION When u observe consumers in action by video taping them in stores or at work you can observe how they buy or use a product. This gives you more accurate picture of customers usage/habits and shopping pattern FIELD TRIALS Placing a new product in selected stores to test customers response under real life selling conditions can help you make product modification, adjust prices or improve packaging. Small business owners should try to establish support with local store owners and websites that can help them test their products.

7. INFORMATIONS FROM TRADE AND INDUSRY ASSOCIATION: Many industry regularly publish directories for their members and the better associations publish statistical information that track industry sales, profits, ratios, economic trends and other valuable data. One can visit their websites and see what information is available, in case of any doubt you can contact with the associations. INFORMATIONS FROM MAGAZINES AND PUBLICATIONS: Industry specific magazines offer a wealth of information on your business. The magazines are important medium for industry specifics advertising, paging through one of these magazines or visiting a website can sometimes produce a great deal of business and market forecasting and economic information. FINDING THE RIGHT PUBLICATIONS: If you don’t already know what magazine focus on your business area, then the best place is to start looking on the internet. It gives you a good list of magazines, journals and other publications which will be exact references you need. GETTING THE INFORMATION: Once you have identified the right magazine contact the editorial departments using their website, fax, phone number and published contact information. Many industry specific magazines publish statistical editions and market review at regular interval.

8. CONCLUSION Many companies use market research as a guide, whether you want to expand your business into a new area or introduce a new product, primary and secondary market research can provide valuable insight to help you shape your business. Although secondary research is less expensive than primary research is less expensive than primary research it is not as accurate or as useful as specific and customized research. In brief primary research delivers more specific results that secondary research which is an important consideration when you are launching a new product or service.

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