Welcome to Market Research Guide
Market Research And Secondary Data Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
What Is Market Research?
from:The process of methodically obtaining, recording and then analyzing the data or information about prospective customers, business competitors plus the existing market trend is called Market Research. It is precisely used to design and create an effective and efficient business plan, to project and launch new products or services into the market, to position and fine tune current services or products, or to expand and increase the reach of the existing product or service. Market research sometimes is used to estimate what parts of the population are interested and are most likely to purchase a product or service, after analyzing and studying many variables including gender, age, income level and location.
Market research is almost always either primary or is secondary depending upon the business need. The Primary market research involves an exhaustive testing of variables like focus groups. The activities like surveys, field tests, interviews tailored specifically to that product are conducted to study the product positioning whereas in secondary research, indirect information gleaned from various sources that appears to be relevant to the new or the existing product is used to estimate the product positioning. Some advantages of the secondary research as evident from its generalized methodology as compared to the customized one of the primary research lies in the fact that it is primarily easily accessible and cheap. The obvious disadvantage of a secondary research is that it is often not specific to a product and the research and the data collected is often biased and is difficult to validate.
Market research aims to answer the following questions:
What are the existing market trends? Which way is the market going? Who are the other parties involved with similar products?
What are the views of consumers about products in the marketplace?
What are the prime needs of the market? What are the new business opportunities? How successful are the existing products in meeting the needs of the consumers?
Using Market research companies can collect information regarding new products, existing products and new business opportunities learn how well new items will be received by the consumers. It can also help businesses to learn how the public responds to a similar product before actually launching the product or service. In this way, business can align their product and service lines with the wants and needs of potential consumers. They can halt production of products that are not popular amongst consumers and improve a product that the public shows little interest in, or lower the price as necessary based on market research information.
Market Research And Secondary Data Specific links
Market Research And Secondary Data News
Investment Banking & Securities Brokerage in the UK Industry Market Research ... - San Francisco Chronicle (press release)
Investment Banking & Securities Brokerage in the UK Industry Market Research ... San Francisco Chronicle (press release) For these reasons, industry research firm IBISWorld has updated its report on the Investment Banking & Securities Brokerage in the UK industry. London, United Kingdom (PRWEB) May 24, 2012 The Investment Banking and Securities Brokerage industry has ... |
World Defense Supplier Industry Surveyed in New Study by iCD Research and SDI ... - San Francisco Chronicle (press release)
 Procurement Leaders News | World Defense Supplier Industry Surveyed in New Study by iCD Research and SDI ... San Francisco Chronicle (press release) 1.2 Definitions 1.3 Methodology 1) Online Survey 2) Secondary Research 3) Data Analysis and Report Writing 4) Quality Control 1.4 Profile of Global Defense Industry C-level Survey Respondents 2 Executive Summary 3 Global Defense Industry Supplier ... "Global Food and Beverage Survey 2012-2013: Market Trends, Marketing Spend and ... |
Global Quantum Dots Market Analysed in New Cutting-Edge MarketsandMarkets ... - San Francisco Chronicle (press release)
Global Quantum Dots Market Analysed in New Cutting-Edge MarketsandMarkets ... San Francisco Chronicle (press release) Report Contents: 1 INTRODUCTION 1.1 Key Take-Aways 1.2 Report Description 1.3 Markets Covered 1.4 Stakeholders 1.5 Research Methodology 1.5.1 Market Size 1.5.2 Market Crackdown 1.5.3 Market Model 1.5.3.1 Components Of Market Model 1.5.4 Key Data Points ... |
The Future of the Suncare Market in Italy, to 2016 - New Market Report Now ... - SBWire (press release)
The Future of the Suncare Market in Italy, to 2016 - New Market Report Now ... SBWire (press release) This report provides authoritative and granular data on the Suncare market in Italy and, in doing so fills the gaps in marketers' understanding of trends and the components of change behind them. Based upon extensive primary and secondary research to ... |
South Africa and Nigeria with highest Online Shopping Potential in Africa - openPR (press release)
 openPR (press release) | South Africa and Nigeria with highest Online Shopping Potential in Africa openPR (press release) (openPR) - The new "Africa Internet & B2C E-Commerce Report 2012" by Hamburg-based secondary market research firm yStats.com takes a close look at Internet use and B2C E-Commerce development on the African continent. In addition to presenting data on ... |