Prior to launch of a new product or service, it is imperative to assess the viability and acceptability of the product or service among the target customers. Such a process done in an organized manner to gather information or data from the customers and to record their interests and views on a product or service planned to be launched is called market research. The purpose of market research is to examine the market associated with a particular product or service to determine how the audience will receive it.
Market research provides important information which helps to identify and analyze the needs of the market, the market size and the competition. The results of market research, summarized in a report, are used to help business owners make more informed decisions about the company’s strategies, operations, and potential customer base.
Market research tools and strategy
- Primary research through
- Focus groups
- In-depth interviews
2. The research can be exploratory as well as specific
3. The analysis of secondary data
4. Deriving the market research result
5. Summarizing through reports