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Why does your company need to develop a Market Research plan

Why does your company need to develop a Market Research plan 

Market research and analysis helps firms to plan ahead rather than to guess ahead. In business, demand is always changing and therefore it is essential to know how things are changing. Market research requires a special form of skill and therefore market research companies are often employed because they have the necessary experience and also because market research takes up a lot of time. Methods used in marketing research Data gathering involves collecting as much information as possible about the market, usually before any further steps are taken such as creating a marketing model. It relies on desk research and field research. Data is divided into primary and secondary categories. Primary data are collected in the field. Secondary data are gathered from all the material that is at present available on the subject, and is always studied first when doing desk research.

Market research involves collecting, recording and making sense of all the available information which will help a business unit to understand its market. Market research sets out to answer the following questions:

Who makes up the target audience?

What do they want?

When do they need it?

Where does it sell best?

How can it be taken to them?

Why do they want/need it?

What are our competitors doing?

How is our market changing?

 

Web site: http://businesscasestudies.co.uk/business-theory/marketing/market-resear...

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