The Goal
The goal behind undertaking market research is to enable an organization to have a clear idea about consumers for satisfying all their needs. Another primary reason for undertaking market research services by a company is to equip itself to be able to compete with other organisations in the industry through a proper analysis of the needs of the market, the market size and the prevailing competition.
For the purpose of gathering in an organized way and for better interpretation of market research information, market research uses various technical and analytical research methods along with opinion and social-based research techniques, whose importance is increasing in today’s competitive business environment. The days of relying on gut instincts to run a business are over.
Methods of Market Research Techniques
Survey
Interview
Direct Observations
Analytical Data
Focus groups carrying on research
In the secondary method of market research, data assimilation takes place from varied sources.
Examples of secondary market research include the following:
Direct Observations
Analytical Data
Data from consumer databases & Stock
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The research conducted to gather numerical data is defined as a quantitative method of market research and it includes the following: Surveys conducted…
The qualitative method of market research primarily deals with the gathering of information about the attitudes, feelings, and views of the consumers.