Market research is a process of gathering and analysing information about people and companies to understand the needs of the customers. Market research helps the business owners to form strategies to attract more customers. The primary reason to do market research is to find the change in the tastes and preferences of the customer. The business needs to know of the possible changes in the trends to stay ahead from their competitors. Businesses who Undertake market research [รับทำวิจัยการตลาด, which is the term in Thai] have complete information about the products launched, prices of the products, substitutes available, etc. always take profitable decisions.
Process of market research
- Define the problem: The first step to start research is to find the problem for which the research is being performed. If the problem is not defined adequately, you cannot derive any conclusion from the gathered information.
- Develop a research plan: Before starting with the research, it is necessary that you plan your proceedings. If there is no proper plan to carry out the research, you may end up losing the focus from the main problem.
- Collect information: This is the most important process because your conclusions will be the outcome of the data collected. Hence, it is necessary that you collect data which is related to your problem.
- Analyse information: After collection of data, the next step to organize the information in a manner that can be analysed to draw conclusions. You can use different techniques to analyse data, such as statistical and fundamental techniques.
- Present findings: After analysing the data, you have to bifurcate them according to their relevance. Information that is relevant and important should be presented to the management.
- Decision making: The last step of market research is to take appropriate decision to solve the problem. The decision should be taken based on the information collected through market research.
Tools to perform market research
- Surveys: Survey is the process of asking questions to customers about the product. You can conduct a survey through various mediums such as phone, in person, online, etc.
- Focus groups: This is done accommodating people of similar character to understand the likes and dislikes of the group of people. This is one of the useful ways of conducting market research.
- Interviews: Another tool for conducting market research is to do a one-on-one interview. It involves interviewing people of similar as well as dissimilar characteristics. It helps you to get a gist of the preferences of society at large.