Market Research Analysis Techniques: Uses & Benefits
The process of assembling information about a target market or a target audience is rightly termed as “Market research”. The primary role of undertaking market research analysis is to gather or get an in-depth knowledge about the potential as well as existing respondents to give with better and satisfactory services.
Market research is undertaken by a business to not only compete with various other competitors in the industry but also to get analytical information on the competition, market size, and varied other market needs. Market research analysis technique comprises of both analytical as well as statistical research methods adapted to harness and interpret information in a systematic way.
Given the competitive scenario, businesses cannot hope to run the show using only their gut instincts. The market research analysis technique involves seeking opinion and conducting social research to get information which is the need of the hour.
Information analyzed using market research analysis techniques
Varied information about the consumer and the market using the market research analysis technique could be easily ascertained. Listed below are few of them:
- Prevailing trends in the Market.
- Market Segmentation.
- Market information on product prices.
- Analysis about the business strength, weakness, opportunities as well as threat.
- Market research analysis on products, consumer accounts, and competitor.
Benefits for an organization using market research analysis technique
- Effective tapping of the prevailing market opportunities by identifying and using them to the best.
- In encouraging a healthy communication with consumers by knowing their preferences, likes, and dislikes.
- In taking immediate and timely actions in certain areas of the business and thus help to decrease the business risk.
- To study the market trends and set up newer trends in the market according to consumer preferences and needs.
- Identify the existing problems, work on them taking into consideration the opinion voiced by the consumers especially on products that are in the different stages of development.
Market Research Analysis Techniques:
Market research analysis techniques adopted by an organization is broadly classified into the following types:
Primary Market Research:
Any research undertaken by an organization on its own from the grass root level to gather information to improve its product, services or function is primary market research.
Secondary Market Research:
In this market research analysis technique, an organization does not collect information on its own but relies on the information that is already available from different sources collected by various people over the time.
Qualitative Market Research:
In this type of market research analysis technique, an organization tries to get insight into the opinions and feelings of the consumer with respect to the products and services of the company. This is undertaken through the conduct of face to face interview or by forming a focus group.
In this form of market research analysis technique, an organization places more importance on the facts and statistics for the data and not to the feelings and opinion of the consumer.
Whatever may be the type of market research analysis technique adopted by an organization, the end goal is the same that is to improve and give satisfactory services to consumers.