— Neil Armstrong
What is Market Research?
Present day customers are kings, thus businesses have to offer their products or services as per the customer needs. To get information about all of these aspects, organisations use market/ marketing research. Through Market or Marketing Research the companies or organisations get data and information about their customers. The information collected is used to draw necessary conclusions and make predictions for future sales and marketing efforts. The information is collected and analysed through various statistical tools. Market research is not restricted to present customers but includes potential customers and competitors and future products and markets.
Who is a Market Researcher?
Market Researchers are professionals who help in gathering information concerning consumers' opinions, tastes, needs and desires for the organisations. They use various statistical tools and mathematical tools to make sense of the data collected through surveys etc. This information helps companies in taking future decisions like which product line should they focus, what should be ideal price etc. Market researchers help in studying the markets, consumer preferences and in establishing marketing strategies for new and old products.
With the help of field people, they compile the data, evaluate it and make recommendations to their client or employer based on their findings. They provide a company’s management with information needed to make decisions on the promotion, distribution, design, and pricing of products or services. The information may also be used to determine the advisability of adding new lines of merchandise, opening new branches, or otherwise diversifying the company’s operations. Market Research Analysts might also develop advertising brochures and commercials, sales plans, and product promotions such as rebates and giveaways.
Market researchers design and conduct surveys for a variety of clients such as corporations, government agencies, political candidates, and service providers. They use a variety of mediums to conduct surveys, such as the Internet, personal or telephone interviews, or mail questionnaires. Market Researchers usually work on a research team with statisticians, motivational research specialists who design survey questions, pollsters, interviewers, IT specialists and a variety of others.