Market Research Crucial

Decent Essays
Why Is Market Research Crucial to Business Today? Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.

In simple words, market research is the process of collecting, recording and evaluating data which relates to various products and services.

Goal of Market Research

There are many reasons why a business enterprise should conduct researches before launching a new product. Some of the most important goals of such researches involve the following.

Analysis of existing trends: A proper and thorough
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Another form of research is the consumer based research.

Primary research involves collection of data directly from the consumers. It is quite an expensive method of research though quite effective. Customer feedbacks are collected through telephonic interviews, surveys and group discussions. The primary research is further categorized into quantitative and qualitative research.

Quantitative research: In quantitative researches, surveys are conducted to collect numerical data. Most of the surveys include close-ended questions which are less time consuming. It is quite easy to collect such data as consumers tend to be more co-operative. The collected data is further analyzed for a proper conclusion.

Qualitative research: In quantitative researches, group discussions or interviews are conducted to gather information. This research involves open-ended questions where consumers are required to answer in-depth questions. Experienced professionals are required to conduct interviews. It is both an expensive and time-consuming method of
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