Market Research Economics MBA
Market study
Market research is usually either primary or secondary. [1] In secondary research, the society uses the information compiled by other sources, which seems applicable to a new or existing product. The benefits of secondary research are that it is relatively cheap and easily accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and are difficult to validate. Primary market research involves testing such as focus groups, surveys, testing on the ground, interviews or observations, conducted or adapted specifically for this product.
A list of questions which can be answered thanks to market research:
What is happening on the market? What are the trends? Who are the competitors?
How consumers talk about products on the market?
Market research for the insurance of business/planning
Market research is to find out what people want, need or believe. It can also involve discovering how they act. Once the search is completed, it can be used to determine how to market your specific product.
Examples of market research would be questionnaires and surveys.
To start a business, there are a few things that are important:
Market information
Market information is to know the prices of the various products in the market, supply and demand. Information on the market in several formats and different varieties can be found.
Examples of issues of market information are:
Who are the customers?
Where they are and how they can be contacted
What quantity and quality do want?
What is the best time to sell?
Market segmentation
Market segmentation is the division of the market or population into subgroups with similar motivations. Bases widely used for segmentation include geographic differences, differences in personality, the demographic differences, use of the differences between products and psychographic differences.
Market trends
Movements to the rise or fall of a market, during a period of time. The size of the market is more difficult to estimate if you start with something completely new. In this case, you have to shoot the digits of the number of potential customers or customer segments. [Ilar 1998]
But besides information about the target market you must also of the information about your competitors, customers, products, etc. Finally, you need measure the marketing effectiveness. Some techniques are:
Analysis of customer
Choice of modeling
Analysis of competitors
Risk analysis
Product search
Looking for advertising
Marketing mix modeling
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