What is market research, what are surveys and research for?
Market research consists in data collection and interpretation. These activities allow establishing basic market elements, including prices of goods and services, their demand and supply and consumer opinion and behavior. Market research also allows defining the course taken by competition.
Currently, success of an enterprise depends on analysis, that make it easier to make the right decisions in business. The knowledge on market requirements and properly applied marketing strategies allow new services and products to arise.
The key element of gathering data that gives predominance over competition, is market research.
Such research is advisable in cases of increased risk, when important decisions about the enterprise’s actions are made. Such situations include mostly:
- Appearance of competition that has a lot of interest among customers.
- Planned expansion to new markets.
- Transforming seller’s market into a buyer’s market.
- Changes implied to a given country government’s economic politics.
- Constant change in buyer’s requirements and a decrease in their needs.
The main reason behind research performed by service and product enterprises, is increasing demand on offered products. The below factors are known to be helpful in getting as many customers as possible:
- Test research
- Price research
- Brand research
- Exploration research
- Customer satisfaction research
- Household panels
There are many factors influencing the choice of research methods, such as: time we have for gathering the data, the size of the researched area, financial expenditure and the research objective.
A survey is one of the most popular research techniques. Due to the ease of data collection and its easy analysis, it became the basic tool for marketing research.
We distinguish few types of surveys, which makes it easier to choose the right technique for the researched issue and aspects important for the customer. Currently, the used surveying methods include:
- Phone calls,
- Radio and TV,
- handing out;
In the Internet era, the most accessible and the cheapest method of data collection is by an online and mobile survey. Such research has a relatively high range at a low financial cost. Online survey questions are simple and answering them isn’t hard for the participants.
Survey anonymity guarantees credibility of the given answers which correlates with efficacy of the performed research.