Market Research ?
The internet is built for research. Internet makes finding
and analysing information easier than ever before. Consumers are able to research
companies and product easily, gathering to compare prices and services.
This process can also works in reverse. Brands can study who
their customers are, what they are interested in, how they feel about the
brand, and the best times and places to engage with them. That is what online
market research all about.
Market research helps to make informed business decisions. It
involves systematically gathering, recording and analysing data about
customers.
Key concept in market research :
1.
Research methodology
2.
Qualitative and Quantitative data
3.
Primary and Secondary research
4.
Sampling
Research methodology is the process you should follow
in order to conduct accurate and valuable research. Research should involve
certain steps :
·
Establish the goals of the project
·
Determine sample
·
Choose a data collection method
·
Collect data
·
Analyse the results
·
Formulte conclusions and actionable insights (
for example, producing reports)
Research can be based
on Primary and secondary data. Primary research is conducted when new
data is gathered for particular product or hypothesis. This is where
information doesn’t exist or isn’t accessible, and therefore needs to be specifically
collected from consumers or business. So, secondary research is uses existing, publish
data as a source information. In other side, secondary data can be more
effective than conducting primary research.
Data can be classified as qualitative and quantitative.
Qualitative research is exploratory and seeks to find out what potential consumers
think and feel about a given subject, and quantitative is research relies on numerical
data to demonstrate statistically significants outcomes.
Sample (sampling) is an important factor in
conducting research and should be representive of the population you are
targeting as a whole.
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