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FULL ANSWER BY MR.VJ ,,,,,,,,,, AGREED
To run a successful business, you need to learn about your customers, your competitors and your industry. Market research involves asking the right questions, in the right way, to the right people. This gives your business directions and helps you stay on top of what your customers want, and how much they're willing to pay for it.
When you undertake market research, you can use your findings in two ways, to either start a new business and write your marketing plan or to measure the success of your current marketing plan.
What do you want to know about your customers or your market?
The first step in the market research process is to define your research objectives. In other words, what is the key information that you would like your research to uncover? By defining what you intend on researching to start with you’ll be able to keep your research focused and effective. For example, you might want to decide whether to launch a new product or service. Your research process would then be to assess whether the market will accept your new product or service, and how much they will be willing to pay for it.
Once you have identified an objective, develop a list of research questions for your market, customers and competitors. Here are some examples:
Your market
Your customers
Your competitors
As a starting point, it's a good idea to look at resources such as IbisWorld (for industry reports) and the Bureau of Statistics.
There are two categories of data collection, and both are based on asking questions:
A simple ‘yes or no’ survey can be completed over the phone, however, understanding personal choices (such as colour preferences) will usually require a face-to-face meeting. Some common methods for data collection include telephone polling, mailed questionnaires, online surveys and personal interviews. For surveys consider inexpensive online services such as SurveyMonkey or create forms via Google Docs. To ask other business owners some questions, join some Facebook networking group
Keep your research objectives front of mind and look at ways of improving how you organise and group your research data - this will make it easier to come to a conclusion down the track. What have you discovered?
Here are some tips for data organisation:
One of the most important steps in the market research process is interpreting your findings. What is the research telling you? By answering this question, you will be able to gain a thorough understanding of what the research has uncovered.
Keep in mind that any conclusions you reach should align with your initial research objectives and business goals in general. Review all the data collected and ensure that there aren’t any gaps, examine the major trends or problems within your industry, analyse any strengths, weaknesses, opportunities and threats and use your research to make decisions about your marketing mix.
Nothing to add after the explanation of Mr. Vinod