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 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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