What is Market Research?
Market Research is an objective collection and analysis of data
about your target market, competition, and/or environment. Through
the market research process, you can take data-a variety of related
or non-related facts-and create useful information to guide your
business decisions.
Market research is not just a one-time activity. It is an on going
process.
What can Market Research do for you?
Information gained through marketing research guides you through
important strategic business decisions. Once you have good research
about the marketplace you would be entering, you could formulate
effective and targeted marketing campaigns that speak directly to
the people you would be, or are trying to reach in a way that interests
them.
Helps identify opportunities
For example, if you are planning to open a retail outlet in a particular
geographic location and have discovered that no such retail outlet
currently exists, you have identified an opportunity. The opportunity
for success increases if the location is in a highly populated area
with residents who match your target market characteristics. The
same might be true of a service you plan to offer in a specific
geographic area or even globally, via the Internet.
Minimizes the risk of doing business
Instead of identifying opportunities, the results of some market
research may indicate that you should not pursue a planned course
of action. For example, marketing information may indicate that
a marketplace is saturated with the type of service you plan to
offer. This may cause you to alter your product offering or choose
another location.
Identifies potential problems
Suppose your new retail outlet is thriving at its location on the
main road through town. Through research you learn that in two years,
the city is planning a by-pass, or alternate route, to ease traffic
congestion through town. You've identified a potential problem!
Helps you track your progress
It's important to know, for later comparisons, the position of your
business at particular moments in time. Ongoing market research
allows you to make comparisons against your benchmark measurements
as well as chart your progress between research intervals (such
as successive annual surveys).
For example, you might establish a benchmark measurement of your
target market demographics and learn that 65 percent of your customers
are women between the ages of 35 and 50. One year later you again
survey your customers and learn that this age group now represents
75 percent of your customer base. You're tracking a trend in your
customer demographics.
Helps you evaluate your success
Information gathered through market research helps you to determine
if you're reaching your goals.
Where
could you find Market Research reports in the US?
Gallup Organization
- http://www.gallup.com/
Gallup provides market research and consulting services for several
fortune 500 clients. It also publishes America's leading barometer
of public opinion, the Gallup Poll.
Marketing
Research Association - http://www.mra-net.org
Marketing Research Association is a US national organization of
marketing research professionals and firms. You will find news
and events, membership information and links to major marketing
research companies in the US.
IntelliQuest
- http://www.intelliquest.com/
IntelliQuest tracks product performance and customer satisfaction,
measures advertising effectiveness, assesses brand strength and
competitive position, determines price sensitivity, and evaluates
new products, markets or other business opportunities. It provides
quantitative marketing research to the technology industry on
both a proprietary and syndicated project basis.
WorldOpinion
- http://www.worldopinion.com
WorldOpinion is an award winning research information center with
vast directories and classified sections. They also feature latest
market research news, events, reference section and book reviews.
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