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Market Research And Analysis |
Market research should be an on-going task and you want to get feed back from your customers all of the time! Things to ask your customers are; where they heard about you and your product/service; what they thought about your product/service; and what could be done to improve it.
Types Of Market Research
As I said in the paragraph of this blog post, there are two types of market research; Desk market research and field market research. I shall explain the two types below.
Desk Market Research
Desk Research is where you collect and analyze information that alredy exsists but has not alredy been collected togeather. This information can be found in a variety of informative sources such as the yellow pages. The main purposes of doing desk research is to find out:
- Competitors - Who they are, where they are, and how many of them there are.
- Businesses - How many there are, wether there competition, and where they are.
- Economic trends - Are people buying the products/services you provide?
- Householders - How many of a particular type of householder are there in the area of your business?
- Market trends - Is the market/industry growing or shrinking?
Field Market Research
Field research is done by direct conversation with a -- or group of -- potential customers. This form of research is all about getting out and speaking to you target buyer; you may be able to make a questionaire for the target buyer to fill in and answear the questions you need to know. The main purposes of doing field research is to find out information such as:
- How often do customers purchase the product/service you offer.
- How likey they are to purchase the product/service from you.
- Market price they expect?
- How they decide on a supplier.
- A big enough market; with enough customer, to build a successful business?
So now you know the two types of market research and what there purposes are. If you want to know any more on market research, desk market research or field market research -- or you have any comments on this blog post -- feel free to comment below and I shall get back to you as soon as possible!
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ReplyDeleteWhat do they mean by external and internal sources of desk research?
ReplyDeleteInternal, existing information inside the organization. External, existing information outside the organization. E.G. market reports by Business Intelligence companies.
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