As an entrepreneur if you are going to launch a new product or business
in the market than doing market research will be vital in order to determine the feasibility before adding resources to it,
Market Research help yo in gathering and analyzing the data of customer or client,information of the market to find out past , present and the future of the product or services you are offering.
Market Research is the process of finding out information such as :
competitors, where you stand in the market, feasibility of your product
pricing and many more things related to the market.
In Market Research two types of research are there
1. Primary Research:For this type of research you have to hire someone
for conducting surveys, interviews and finding target audience or focus
groups,through emails or telephones.by this method you will gather two types of information exploratory and specific.
*Exploratory is open-ended research which helps you to define a specific
problem.In this type of research involves detailed ,interviews with lengthy
answers from a small group of respondents.
* Specific Research is more precise in scope and help you to solve the problem which exploratory research find. In specific research the interviews are properly designed and formal in approch.
2. Secondary Research: This type of researches are there for you .In it
you will find reports and studies of government agencies,business association or other businesses of your industry.