In today’s reality of 21-century business, competition has been increased in every sector. Trading plays a major impact in every country that’s why the USA is number one in the worlds Economy.
So to study the business market research will be highly useful for taking massive decisions over the business for trading.
Market research is an organized team effort for taking actions in a collection of information about consumer’s needs and preferences. It helps to identify the market size, market need, and competitors.
It is also effectively used over all the areas in the business like product research, risk analysis, organization research but generally, it used for analyzing the market. There are two type of market research primary research and secondary research.
Process for doing Primary Research
The first step in primary research is to identify the problem in the business for that we need information. Primary research is raw information collected by the surveyor(fresh data). Based on market size data can be collected in many ways like setting up:
- Questionnaires & survey
- Focus groups
- Documents & Records
Review of Literature
A project on which detailed information about the issue and fact findings. It reveals theoretical knowledge and methodological contributions of a particular topic.
The purpose of this review literature is to know about in-depth knowledge about the industry and glimpse of it. It reveals the scope, pros & cons about the particular topics.
Data & Interpretations
In this case, every researcher would be very keen on analyzing the each and every perspective where they can come with idea and solution for it.
Interpretation of data will be done on various stages, most of the researchers or marketing firms see the solution and scale it by cost-effective, time utilization, human resources, infrastructure etc
Data is a precious thing and will last longer than the systems themselves.”
– Tim Berners-Lee
This is where we can find the reality of our company situation and know the faults in the company. The data which will give the facts and inferences about the process.
“We can not solve our problems with the same level of thinking that created them”
Giving solution to the problem is like curing the disease for the patient when we undergo this market research.
The positive metrics will be projected over here, Recommendations about the topic occurs based on data analyzed.