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Market research is the process of gathering information about target markets and consumers. It benefits organizations in many different ways, however, its key purpose is to help determine the viability of a product in the market to determine its potential success among its target audience.
Conducting exploratory research seems tricky but an effective guide can help.
Market research allows companies to create products and experiences that satisfy their customers, reducing customer churn and promoting organizational growth in the process.
When organizations conduct market research, they gather valuable information about their customer base and the overall market. This helps strategize in a way that helps meet goals more effectively. Additionally, this information ensures that customer-centric decisions are made so that products and services are designed with customer needs and wants in mind.
Another key benefit of conducting market research is that it provides organizations with a competitive advantage: comparative market research studies ensure that businesses stay ahead of their competition by devising strategies that provide them an edge in the market.
Market research methods can be categorized into the following two groups:
Let’s take a look at four key primary methods used to perform market research:
Let’s take a look at three key secondary methods used to perform market research:
Market research refers to the process of gathering information about markets and consumers so as to determine the success of a product in the market.
The following are a few commonly used methods of market research;
Market research is important because it helps businesses in sundry ways, include;
Market research methods can be categorized into two groups; primary market research and secondary market research. Primary market research deals with information that is collected first-hand while secondary market research deals with pre-existing information.