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BrandEssence Market Research

Market research is a method which links the consumer, customer and end users to the marketer through information. This information requires to find and describe marketing opportunities and complications to produce, improve and estimate marketing actions as well as to monitor marketing performance and to refine understanding of the marketing process.

The information, manages and produce the data-collection process, analyzes the results and communicates the findings and their consequences for market research. Marketing research is concerned with the application of models, problem-solving methods and procedures to recognize and solve problems in marketing. In order to balance changeable consumer behavior, companies invest in market research.

Market Research Characteristics:

•    Systematic

•    Objective

Systematic:

Systematic planning is needs at all stages of the marketing research process. It follows according to the plan at each stage. It’s not only well documented but also as much as possible they planned in advance.

Objective:

It tries to provide accurate information that reproduces a true state of affairs. It should be led neutrally. Researchers should always be objective with respect to the selection of information to be introduced in reference texts because such literature should offer a complete view of marketing.

Types of Market Research:

1)    Qualitative VS Quantitative

2)    Primary VS Secondary

1)Qualitative VS Quantitative:

•    Qualitative market research pursues to explore and uncover answers to problems that are generic in nature or not well defined. The most common methods for qualitative market research are focus groups with a small, non-random sample.

•    On the other hand, Quantitative market research is used when there are already significant answers according to the research problem. It is generally defined by structure and formality and can contain telephone and mail surveys with a large, random sample.

2)Primary VS Secondary:

•    Primary research includes gathering information through surveys, focus groups and interviews directly from your target respondents. To gather reliable information, you must prepare flexible questions that permit you to research deeper into your respondents’ views.

•    Secondary research includes gathering information from sources other than your target respondents. Compared to primary research, secondary research consumes less time. However, not all data collected may be suited to your research problem.

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