Monday, 29 June 2015

Need for Market Research in Business

Market research is an important part of business, especially for new entrants in the market or businesses looking at expanding or tapping new markets. An effective market research campaign will help you to understand what your core areas of strength and weaknesses are. It can give you an overall picture about the needs of the market and various trends that are popular among the people.  Market research is very important to know about the expectations of the people from a new product and also to analyse the strength and weakness of your close competitors.

market research courses in mumbai

Market research is a tool that helps a company to gain competitive advantage over its closest rival. Any company that wishes to launch a new product should conduct market research to understand the dynamics of public sentiments.  Market research is fast coming up as lucrative career opportunity for many youngsters, who love the job of exploring a customer’s psyche. There are many market research courses in Mumbai, offered by well-known institutes that have reputed affiliations and provides good placement on completion of the courses successfully.

There are two kinds of market research that are widely used by entrepreneurs. One of them is primary research, which involves the use of basic research techniques like surveys, observations, interviews and assessment of geographical needs. The most common methods used for primary market research involve phone surveys, direct mailing and group interviews. It is an expensive method and requires more time and interpersonal communication.

The second type of research is known as secondary market research, where information that is already surveyed and studied by the government, schools, colleges, media houses or private institution is analysed and studied by a group of professionals who are well equied with market research analysis training.  The second method is more cost effective and requires lesser time and manpower.


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