Market research is an essential part of Marketing. It helps in analyzing the present business scenarios. Market research helps in understanding the life cycle of the products and services. It helps marketers to understand the demand estimation. Market research involves collection of various information related to products and services.
The data can be collected with the use of internet technology, by sending emails, feedback forms, generating questionnaire, surveying etc. Data can also be generated using the keywords related to the search products. Research can also be done by knowing the competitor position and success in the market. Other conventional method of data collection can be newsletters, magazines, research papers, references and of course by word of mouth. Research is of two type’s primary and secondary research.
Primary research deals with knowing the first hand information by questionnaire and surveys, emails etc and secondary research involves the information which was generated for other purpose and now it is useful for other some other purpose.
Market research can help in the product development such as which products are expected by people or which products need alteration. Without knowing the consumer reaction, risk cannot be taken so detailed study regarding the launch of the products and services is essential.
Thus for survival of any business certain pre-analysis has to be done for the accomplishment of the goals.