Market research

Market research is a process of collecting, interpreting n analysing information. This information is about a target market, consumers  & competitiors

Market research will help to build the proper profile of customer. Help to gain valuable insights like their age,sex,location& income….

Market research consists of systematically gathering data about people or companies – a market – and then analyzing it to better understand what that group of people needs. The results of market research, which are usually summarized in a report, are then used to help business owners make more informed decisions about the company’s strategies, operations, and potential customer base.

Types of Market Research

While there are a number of market research tools you can use, there are really only two types of market research data:

• Primary. Primary data is first-hand information you gather yourself, or with the help of a market research firm. You control it.
• Secondary. Secondary data is pre-existing public information, such as the data shared in magazines and newspapers, government or industry reports. You can analyze the data in new ways, but the information is available to a large number of people.

Primary Market Research Tools

While primary research is more time-consuming and expensive, sometimes it’s the only way to get the information you need. The most common primary research tools are:

• Surveys. Asking customers a series of questions to better understand how they feel about a product’s features, or about the experience they had during their hotel stay, for example, are two possible uses of a survey. Surveys consist of a list of questions that can be shared with an individual by phone, in person, on a card or paper, or online using a survey software.
• Focus groups. Bringing together groups of people with a common characteristic, such as age, hobby, or buying habits, to better understanding their likes and dislikes is a focus group. Focus groups typically consist of 8-12 people with a moderator who poses questions for the group to discuss. They are a useful way of getting feedback on a new product, new features, or new ad campaign.