Welcome to Market Research Guide
Market Research And Exploratory 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 Exploratory Specific links
Market Research And Exploratory News
Natural gas fracking fizzles in Michigan - The Detroit News
Natural gas fracking fizzles in Michigan The Detroit News ... and the dropping market price for natural gas brought exploratory efforts to a standstill. "Essentially, producers were victims of their own success," said McCullagh, a senior analyst of North American gas research at Houston-based Wood Mackenzie. |
Pfizer Exploratory Study Measures Effects Of Lyrica (pregabalin) On Brain ... - TheStreet.com (press release)
Pfizer Exploratory Study Measures Effects Of Lyrica (pregabalin) On Brain ... TheStreet.com (press release) The studies included exploratory research designed to provide new insight into how Lyrica works in the brains of patients with fibromyalgia. A total of seven Lyrica abstracts were presented. "We need a high price for it to work, but not uncomfortably ... Microsoft and 3 Dow 30 Giants Making Moves |
Market research for SMEs - Moneycontrol.com
Market research for SMEs Moneycontrol.com Market research is often considered an esoteric activity to be carried out by big organizations with big budgets. This misconception has been largely perpetuated due to lack of awareness and also due to fixed mindsets. Implemented correctly, market ... |
PHT Corporation to Convene Global Biopharmaceutical Clinical Research Leaders ... - EON: Enhanced Online News (press release)
PHT Corporation to Convene Global Biopharmaceutical Clinical Research Leaders ... EON: Enhanced Online News (press release) The PRO & ePRO Congress Agenda features 14 new presentations, case studies, debates and roundtable discussions from professionals actively involved in eClinical research trials and post-market studies. Sheila Rocchio MBA, PHT Vice President of ... |
Dendreon Announces Data Presentation at the 2012 American Urological ... - MarketWatch (press release)
Dendreon Announces Data Presentation at the 2012 American Urological ... MarketWatch (press release) "The exploratory analysis suggests African American men with metastatic castrate resistant prostate cancer benefit from treatment with PROVENGE," said David McLeod, MD, Center for Prostate Disease Research, Uniformed Services University, Bethesda, ... |