Sources that can be used to do market research

Market research is an essential element of developing and providing a high quality product or service in order to ensure the success of your business. You know you have to do it but it can be very daunting if you don’t know how to do it. Here are some points to help you get started:

Market research is categorized as direct and indirect research. Primary research involves asking direct questions from people to gather information on consumer behavior. The most commonly used methods are:

Interviews

Face to face or over the phone interviews with prospective customers with questions ranging from what they expect from a product and issues they face in the current market and ideas on how to improve the product.

Observation- This can be observing the area of your business to know your competition and the type of consumers in the area.

Experiment – change your existing strategy and see how the market reacts.

INDIRECT RESEARCH involves analyzing already existing data to get information.

Internal information
Do an analysis of customer complaint records, sales data, marketing strategies and their results.

External information – government reports or other agency reports can provide a lot of data. Search online for information for university research.

 

Posted By: Business and Finance Net