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Market Research is to gather information related to target market and customers. Market research is concerned with the whole study of market or analysis of market. Marketing research is the only basis of maintaining a place in the competitive environment of market. It provides information about market need, market size and the noticeable feature &strategies of competitors. It is both qualitative and quantitative. Qualitative in the sense that it focuses on deep study like ethnography and the need of people while qualitative is related with the analysis using surveys of customers and maintaining a data or secondary data. Market research is an ultimate information gathering process that provides useful details about social and opinions research, includes interpretations related with individuals or groups of people, techniques and methods of analytical and statistical researches of market that further help to have analysis of society while making important decisions for the organization.
The formal practice of market research began in 1920 when the advertisers began to understand the significance of demographics during the era of Golden Age of Radio in United States. It was the time when radio was the dominant electronic gadget in homes until the introduction of television in 1950. Market research was one of the consequences of the advertising boom that took place with the introduction of radio.
Market research creates a medium to understand the need and wants of customers. Market research is the inclusion of the whole market sector including market Segmentation and consumer behavior. However, the term,sometime, is interchanged with marketing research. But the practitioner has distinguished both the terms indicating market research should be specific to market only and marketing research with marketing only. Market research forms an important component of business strategy that makes an organization to work on the key factors and lead to success while maintaining competition in the market. Market research is further divided in to two major parts:
- Primary Research
- Qualitative Research
- Quantitative Research
- Secondary Research
PRIMARY RESEARCH: The information that comes direct or that is gathered directly from the customers is the part of primary research. It can be done with the help of surveys and conducting questionnaire that may include questions about the needs of customers, the advancement they are expecting from a particular brand or product, the product or brand they use and trust most etc.
SECONDARY RESEARCH: This includes the information that is gathered from already made researches of primary research. It helps to interpret the new information from already known data.
Factors that can be explored with the help of market research are:
- MARKET SEGMENTATION: Market segmentation is that process in which mass of markets are grouped or segmented into similar needs or wants.Different market segments require different marketing programs like different offers, prices, or even combination of marketing variables that is required as per the use and need of that particular product in daily routine works.
- SWOT Analysis: SWOT stands for Strengths, Weaknesses, Opportunities and Threats of a business organization. Market research therefore helps to understand the strategies of market work and work on such factors. It let a business organization to focus on own strengths and weaknesses and the capability to stand for long term.
- MARKET TRENDS: Market trends are the movements of market that focuses on the upward and downward position or movements of market in a particular time period. Market research helps to analyze market trends so that business can be set up while looking at the risk factors and the new or trending factors. However, market trends changes as per the Segmentation or consumer’s need.
Market research is highly influenced by the Internet services. Internet access has made it easy for the consumers to search for the products they want.This has further created hard competition in the online world for the brands where the products can be compared with the similar products of similar qualities and prices. A successful business is highly influenced by the customers, Competitors and the knowledge of the industry. Market research helps to have data analysis about which brand and which product is in demand. With the introduction and advancement of Internet services, it has reduced the paper work and the collection of primary or secondary data information about the customers need. Organizations can now create online surveys.Not only for customers, technology has also made it easy for the retailers to work on Internet market strategies and enhance their business.
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