Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.
Questionnaires and focus group discussion surveys are some of the instruments for market research.
For starting up a business, there are some important things:
Through Market information you can know the prices of the different commodities in the market, the supply and the demand situation. Information about the markets can be obtained from different sources and varieties and formats.
Market segmentation is the division of the market or population into subgroups with similar motivations. it is a widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, and psychographic differences and also gender differences.
The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments. [ Ilar 1998 ]
But besides information about the target market, you also need information about your competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness. A few techniques are:
- Customer analysis
- Choice modeling
- Competitor analysis
- Risk analysis
- Product research
- Advertising the research
- Marketing mix modeling
Source :
http://en.wikipedia.org/wiki/Market_research
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