What is Market Research?
Posted August 18, 2009on:
Market Research is a marketing activity and concerning how to succeed in business. Market Research reflects on particular business philosophy and this philosophy focuses on learning, organizational change may be required when a firm desires to improve its performance with respect to market research.
Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Businesses can learn a great deal about customers, their needs, how to meet those needs and how the business is doing to meet those needs. Businesses need not to be experts at methods of research either.
There are six traditional market research techniques.
- Secondary research
- Customer visits
- Focus groups
- choice modeling