Market Research Way to Analyse Market Trends

The significance of market research is truly undeniable in the present day where competition prevails. It is vital for every business enterprise to know the factors that affect their business. This research is basically an analysis of the data collected through various methods. A good research helps to assess the behavioural pattern of the consumers.

How Does Market Research Help?

Market research is quite useful in augmenting business in many ways. Through a systematic collection of data, companies can analyse various aspects and improve their products accordingly. Different strategies are implemented by the companies to upgrade their products and services.

With the help of such an effective research, evaluation of consumer behaviour is possible. Consumer satisfaction is analysed through various types of researches. These researches are considered a vital and integral part of product development. It is also an important market strategy.

Growing Importance of Research

There has been a substantial increase in the need for market research as it allows companies to formulate policies that prove to be beneficial. Companies can easily evaluate their present performance and introduce changes for effective sales and increased profits.

According to the data collected, different types of marketing campaigns can be introduced which target the potential consumers, identify their preferences and make alterations accordingly. These researches aid in understanding the choices of the consumers. In addition to evaluating the existing markets, companies can also identify other opportunities available in the markets.

Market research also enables to identify the existing competitors and their business strategies. The effect of the strategies adopted by the competitors can also be analysed with the help of these researches. It is also an effect communication tool as companies can interact directly with the potential consumers to understand their preferences. Products can be manufactured according to the requirements of the potential consumers.

Market research is vital in reducing unwanted losses as it targets potential markets by analysing the exact demand of the consumers. It is essential in weighing the present success level of a company and analyses its drawbacks or pitfalls.

Types of Market Research

There are mainly two types of market research- the primary research and the secondary research. Methods of research are chosen according to the objectives of the research. Primary research involves collecting the data from the source directly. This is usually done through interviews, group discussions and surveys.

The primary research is further divided into quantitative and qualitative research. The quantitative research involves collection of data through surveys which are numerical. This method of research is less expensive and consumers are expected to answer questionnaires which consist of close ended questions.

The qualitative research on the other hand includes collection of information through group sessions or interviews. This involves time and money.

The secondary research involves analysing and using the data collected by magazines, government sources, libraries and internet. There are various sources which provide the required information for a research.

In short market research is crucial for companies to introduce latest products into the market, analyse the demand of existing products and identify opportunities.

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Market or Marketing Research: Does the Term Really Matter?

To determine the market segments that are of interest to you (or your company) you often have to research the market. Your research is important whether you are studying the market to launch a new product or revising the strategy of an existing one. A well defined market research can also be the basis for your marketing research where In an extremely competitive market, your understanding of your existing or potential customers is essential for your success.

Many substitute the term market research with the term marketing research and vice versa. There is a thin line of differentiation between the two but it is always useful to keep in mind that a marketing research is more about marketing processes such as the effects of the marketing mix on the consumer trends and behavior. I tend to believe that the differentiation rather depends on the type of business and research practitioners’ definition.

For a research company, gathering and analyzing market information, their concern is not about the marketing process of another company that will use their data to launch a product. While the research company conducted a market research, the other company used the same information to develop its marketing strategy.

Another type of differentiation that I consider is the data collection time. When I worked for a new mobile operator, the research we conducted aimed at gathering information about the economy, the demographics, and the geography, among other factors to decide when and how to launch our product. After launching our products and services we were able to gather internal data about the customer trends and requests that reflected on the same market factors. No matter how our research was classified it was used to benefit the company.

Although many would like to stick to well defined terminology, in practical life many concepts merge and turn into accepted understandings. I know that for my company, they could care less what the research is called as long as it provides them with the necessary data to understand the market, in order to launch a product successfully.

The terminology differentiation is not a priority when you are working in some of the developing markets, where useful and updated data does not even exist. However you still need to have minimal data in order to operate in such markets. In my future articles I will be describing the various research approaches we went through while frequently interchanging the marketing and market research terms.

In order to enter a new market you need to have a basic research. The information you collect and analyze helps you understand the needs of your potential customers and enables you to strategize your marketing approach.

Osman Habbal is a well traveled Business expert. With over 20 years experience in Business covering Marketing, Sales, Customer Care, and Management, Osman has been exposed to many markets and cultures. His skills in Arabic, French, Russian, and English, widened his

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