Marketing Research Methods The Basics Essay - 1653 Words

Marketing Research Methods: The Basics You Have To Know About Are you considering starting a business or improving the performance of the current one? Market research will help you find unsatisfied needs in the market, give information about your customers or find out what your customers thing about your business and many more. The process includes the creation of an exploratory research to get to know your target audience first, using secondary research or qualitative research, consultation with experts or observation, and then verify the results with a quantitative research. The final and most important step is to analyze and interpret data collected. Market research is the process of collecting and analyzing information from target markets in order to solve a variety of marketing problems. Market research will allow increased sales on a current product or testing the feasibility of a new product in a potential market. Thus, a market research will be conducted to find different needs targeted consumers have, so that a product or service can be created or improved to satisfy consumers needs. Exploratory research: Get to know your audience first! Exploratory research has to be used first to understand the people who are to be interviewed and the market to be researched. The main research activities include secondary research, qualitative research, consulting with experts and observation. Secondary research includes finding data compiled by other people. 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