Market study explained

There is not a coherent definition or a common understanding of long-term market research. However, it is used by many companies in their marketing mix. It is normally understood as the activity where a company compiles information and research in the markets of specific products or the acceptability of services. It can be done online can or offline and also include several types of research on people and organizations that use different methods and techniques helps learn better on the market.

Definition

As noted above, there are many definitions of long-term market research and differences in the results of a business understanding and using only one aspect of this place of the large field and limiting its methods. Here are some of his most common definitions.

According to Wikipedia:

Marketing research is “the function that connects consumers, customers and the public to the information information used to identify and define the marketing of opportunities and problems, create, refine and evaluate marketing actions, performance Moniteur’s marketing, and improve understanding of marketing as a process. Precision Marketing Search The information needed to answer these questions, the method of information collecting, manages and implements the data collection process, analyzes the results and communicates the results and their implications. »

According to the American Marketing Association:

“Marketing research is the function that links the consumer, the client, and the public to information marketing – information used to identify and define the marketing of opportunities and problems, create, refine and evaluate marketing actions, Monitor marketing performance, and improve understanding of marketing as a process. Precise marketing research The information needed to answer these questions, the method of collecting information, manages and implements data collection, the data collection process, analyzes the results and communicate the results and their implications . »

As by businessdirectory.com:

Market study: “The identification of a specific market and measurement of its size and other characteristics. »

As by MarketersEarchWorld.net:

“Market study is a systematic and objective collection and analysis, data on a particular target market, competition and / or the environment. It always incorporates some form of data collection be it secondary research (often called documentary research) or primary research that is collected directly from a respondent “.

The purpose of any research project is to achieve a better understanding of the market. With companies all over the world more and more competitive, market research is now on the agenda many organizations – big and small “.

Common denominators in all definitions:

No matter the definition you choose to use, we can find some common reflections in the different definitions:

• It is on the information collected with a specific objective of the spirit
• It’s about to study the market without influencing it
• The customer is the center of research
• There are no assumptions made, but the information is collected using data-based decision-making
• There is no definition of the search channel and is free tools and techniques that are used to drive it

Steps

When you have finished scientifically and structured, which is impartial and is without hypotheses, a market study can offer many different benefits to an organization. To make sense, research should include the following steps:

• Collect and analyze market data
• Identify and prioritize markets
• Quantify and communicate objectives and results to stakeholders
• Measure and follow the customer relationship

Importance

The market study can be very important of several different aspects of a business. Research that is right can help a company develop products and services

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