What´s Market Research? Essay examples

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Market research is a process which companies, industries and organisations carry out to gather, analyse and interpret information gathered from the market. Market research can research about a new product that is going to sell on the market or an existing product and get to know existing and future customers spending habits and their preference. Besides, market research also involves research on competitors business owner face. A successful market research is a market research that can collect accurate information from the market because accurate information help business owner to make the right decisions and thus it helps them to make more profit. Basically market research can be identified into four main class of study. First is…show more content…
There are five steps to carry out market research. Market research start with defining objectives that is to identify the end result that needs to be achieved. Next is developing the sample. This is to determine the group which can provide us answers that are related to our research for example if we want to make a market research about education then we can find a target group of parents, teachers and students. If we want to a do a market research about health care then our target group might be doctors and patients. Next is to develop questions. Developing questions is a very important part as the questions asked should not be biased in order to collect useful and accurate information. A biased question is a question that directly or indirectly force the user to choose the answers. For example a question ask “do you want money?”. Then this is a biased question because all of us will choose “want” therefore it has force people to the answer. The next step is collecting data. Collecting data can be carry out by giving out surveys through phone, web, mails, face to face interviews and others. There are many factors that can affect the choice of choosing the way of collecting examples are research objectives, cost and timing. The last step is analysing results. This is the most important steps as it is all about understanding and interpreting what the data collected revealed. Market research can be divided into two types of research. The first type of

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