Market research and it is importance

Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Its uses include to help create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets. Market research can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level.

Market research is generally either primary or secondary. In secondary research, the company uses information compiled from other sources that appears applicable to a new or existing product. The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and is difficult to validate. Primary market research involves testing such as focus groups, surveys, field tests, interviews or observation, conducted or tailored specifically to that product.

Regularly published reports and surveys provide an understanding of the latest practices in marketing. MarketingProfs identifies leading experts in key marketing fields to guide the research to identify trends, provide insights, and derive new explanations that continually advance the state of the discipline of marketing.

Survey research is one of the most important areas of market research. The broad area of survey research encompasses any measurement procedures that involve asking questions of respondents. Online survey is one of the important means of data collection method.

How can we help?
Start your research by creating and publishing surveys. eCustomerSurvey.com is free to use online survey tool to help your research. Take a look at the sample surveys under Manage Surveys tab.