What is market research? Benefits of market research can tell what market research?
is a method to collect, analyze and report the findings related to a specific market situation. It is used to make decisions about:
* The market introduction of a new product or service
* The most appropriate distribution channels for the product
* Changes in promotion and advertising strategies
Market research reflects:
* Changes in consumer behavior
* Changes in shopping habits
* The views of consumers
The purpose of any investigation is to obtain important information about our market and competition, which will guide decision making.
should not limit the research process only at the time you start a new business. On the contrary, it must become an ongoing activity.
Market research involves the use of several tools to analyze consumer trends. Some of these tools include: surveys, statistical studies, observation, interview and focus groups. The research will provide information on the profile of our customers, including their demographic and psychological data. These data are specific characteristics of our target group needed to develop a good plan for marketing to our primary audience. Benefits
market research
The information obtained through a market research usually reliable and should be used as a guide for developing business strategies.
Market research is a guide for communicating with current and potential customers
If you make a good research, the results will help design an effective marketing campaign, which give potential consumers the information that they are interested.
For example, if you plan to start a business in certain geographical location and discovers that there is little competition there, then you've identified an opportunity . The opportunities for success are increased if the region where you intend to do business is highly populated and the residents have the characteristics of the selected group.
If instead of identifying market opportunities, research results indicate that we should not follow the plan of action, then it's time to adjustments. For example, if the findings show that the market is saturated with the type of service or product you plan to offer, then you know that it might be better to move to another location.
Through research can discover, for example, that in the place where you build your business, the municipality plans to build an overpass or an alternate route in order to relieve traffic congestion. You have by identifying a potential problem!
Market research helps you evaluate the results of their efforts
With the investigation can determine whether it has achieved the goals and objectives that are proposed to start the business.
Demographics: is specific information about a population. Includes:
1.
age 2.
sex 3.
income of approximately 4. academic preparation
5. marital status
6. family composition
7.
nationality 8.
residential demographics are based on the findings of the national census, government agencies and private firms engaged in gathering this information.
You can get this information from the Chamber of Commerce, the local newspaper, the Department of Commerce or a local library.
For example, for the census of 1990 in the U.S. found that most of the population was between 50 and 65 years of age. These data were used by some companies to develop products and services to meet the needs of this population. As a result, in recent years have seen a rise in sales of products and services for health. Data
Psychological
These data gather information that is in the mind of the consumer:
1.
attitudes 2.
lifestyles 3.
interests 4.
values \u200b\u200b5.
culture
By obtaining this information could:
1. determine what factors motivate consumers to buy our product or service
2. identify any bias on the part of consumers for cultural or environmental reasons.
3. meet consumer preferences
EYE ... Obtaining demographic and psychological save time and money to the company. The information used to delineate the profile of our client.
methods to investigate a market:
I. Survey:
In this method, a questionnaire designed to examine a sample to draw conclusions about the population. A sample is a sizable group of people who meet certain characteristics of our target group. It is recommended that survey questions are closed [choice questions to choose]. This is the most widely used method for conducting market research.
Another important factor is the sequence in which questions are presented. The initial questions should be simple and interesting. Questions should be playing from the general to the specific. The questionnaire should be easy to read.
For example,
What is the most influential factor when you buy a new car?
___garantÃa ___precio ___ ___ service experience
II. Interview
Once developed a questionnaire to interview people should be considered opinion leaders. Generally, participants expressed valuable information for our product or service. For
example,
* ideas for promoting strategies
* sales / marketing
III. Comment
Another option we have to learn is through observation. By simply observing the behavior of our primary audience we draw conclusions. An example would be to observe how people behave when choosing a product in the supermarket.
IV. Focus Group
Focus groups are similar to the method of interview, with the difference that the interview is by a group rather than an individual. For the focus group was selected from 10 to 12 people with characteristics or common experiences.
EYE ... You need to have a moderator to conduct the interview.
More information: Sequence
market research.
conceptual map of the market research.
consumer market analysis.
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