Ongoing Process Of Market Research
To maintain a competitive edge and to keep up with the changing trends in the market, all businesses need to to do market research on a regular basis in order to understand their target markets and to fine- tune their marketing strategy with the changing trends. An ongoing process of market research is very important to identifying potential new customers as also to understanding your existing customers. It helps in setting realistic targets and in developing strategies. Market research is very useful for identifying new business opportunities and for deciding to go in for business expansion.
Types Of Market Research
There are two main types of market research – quantitative and qualitative. Quantitative focuses on numbers, for example, the percentage of the middle class population buying a certain product. It is gathered using surveys and questionnaires. More in-depth quantitative research can be used to identify markets and understand customer profiles.
Qualitative research is about finding out how people feel about your products and what factors affect their buying behavior and buying decisions. Researchers use questionnaires and focus groups to gather this intelligence.