Market research is a process used to gather market information, analyze the information and interpret it according to a specific, predetermined goal. Accurate and thoroughly researched information is the foundation of every successful business venture, as it allows a wealth of information to assist business owners in making informed decisions regarding the feasibility of a venture, before committing themselves to substantial investment in a project.
Market research includes the following analysis and interpretation:
– Information about a specific market
– Information about a service or product for sale in that particular market
– Information about the users of the service or product in the past, the present, and potential future users
– Information regarding the spending habits, characteristics, needs and location of the specific target market
– Information about the industry as a whole
– Information about current competitors in the market
Market research will provide business owners with relevant data to solve likely marketing challenges businesses face as an integral part of the planning process. Market research is essential to the development of market strategies such as product differentiation (product identity creation to set it apart from competitive products on the market), and market segmentation (the identification of specific groups that exist within a market).
There are two types of data involved.
1. Primary information
Primary information is research that you can compile on your own, or you can hire a professional research company to do the research by gathering the information for you.
2. Secondary information
Secondary information is research that has already been compiled and organized, for example studies and reports by trade associations, government agencies, research organizations or major businesses in particular industries.
Most likely, the research required by business owners for decision making purposes regarding the feasibility of a business venture, will be secondary information. Gathering primary information involves two basic types of information, specific or exploratory. Primary research to gather information is extremely time consuming and costly, especially specific research methods, and is best left to the professionals to ensure that accurate data gathering is adhered to.
Commercial information sources of market research offer an abundance of market related information and is invaluable for making important marketing decisions. It makes use of large data bases and tracks information daily on millions of companies around the world.
Newspoll strategic market research are the experts in data collection and information analysis. If you need industry analysis and market data to help you make informed decisions regarding a potential business venture, their market research services will provide you with trusted information to help you make an outstanding success of your project. The collection includes information from over 700 publishers of research, worldwide, including trends, demographics, products, regions, companies and industries, and is updated on a daily basis.
They provide industry related strategic market research, company reports and reports specific to marketing services, data on market segmentation, growth and size in countries such as the UK, Asia, Europe and US, as well global markets.
Make market research an integral part of your strategic planning to assist your business in making the right decisions regarding the overall feasibility of a project, with the right type of market research information at your fingertips.