Importance Of Market Research

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 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.


Opinion Polls

Opinion Polling is conducted to analyze the attitude or behavior of nations
Population on a particular topic, person ,or party. In opinion polls random
samples from the population are used and on the basis of this results were
decides.polls may be about current affairs ,sports, entertainment, or political issues.

Difference Between Polls and Surveys

Polls and Surveys are the two forms of Market Research are similar in many ways
but there are many difference which are as following:

* A poll is brief and focused in method as compare to survey. Surveys are longer
and mostly covered larger range of material.

*Collection of data is same in polls and surveys like telephone, online, paper questionnaire or in person but the duration of collection is lesser in polls than surveys .

*Design of polls are simpler than surveys. As nature of poll is quick the questions are
very straightforward like yes/no or A or B choices that can be answered and analyzed
rapidly compare to survey. Survey offer more flexibility to use techniques like rating,ranking, and open ended questions.

*Analysis and reporting of survey is more involved compare to poll.
the information of the poll summarized easily in news release,on TV
but for survey reports requires 100 pages or more for findings.

Though there is difference between poll and survey but still we can say
the design and methodology has to be meaningful. Both require thoughtful
analysis of data to find out exact result. Both are valuable Tools for organizations
to learn more about their consumer, voters, readers and viewers.

Online Market Research Tools


Online Market Research Can be done with the help of following tools-

  1. Key word Research can be done to find out your competitors’ in the market. You can search these on Google or Yahoo with key words. Word Tracker and Trellian’s Keyword Discovery are

The most popular search engines.

  1. Competeters link is the other option to find out your competitors in the market, their price, popularity and presences.

3 Reading Blog is also an option to update your knowledge regarding product and it also help you to write about the product or service you are going to launch in the market.

  1. One of the most popular tools for conducting online market research is the online Surveys- These surveys help companies to find out the opinion of the customers on their product. It is low cost market research tool.