Market research is generally either primary or secondary. [1] In secondary research, the company uses information compiled from other sources that appears applicable to a new or existing product. The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and is difficult to validate. Primary market research involves testing such as focus groups, surveys, field tests, interviews or observation, conducted or tailored specifically to that product.
A list of questions that can be answered through market research:
Market research for business/insurance planning
Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is complete it can be used to determine how to market your specific product.
Examples of market research would be questionnaires and surveys.
For starting up a business there are a few things that are important:
Market information is making known the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained in several different varieties and formats.
Examples of market information questions are:
- Who are the customers?
- Where are they located and how can they be contacted
- What quantity and quality do they want?
- When is the best time to sell?
Market segmentation is the division of the market or population into subgroups with similar motivations. Widely used bases for segmenting include geographic differences, personality differences, demographic differences, use of product differences, and psychographic differences.
