The term market research is the process of determining the availability of a new service or product through research conducted directly with potential customers. The market research also allows a company to discover the target market and get opinions and feedback from consumers about their internet in the product or service. These also extend to an organized effort to gather information about target markets and customers; know about them, starting with who they are. It is a very important component of business strategy and a major factor in maintaining competitiveness.
In achieving this…there are various types of ways designed to make market research. This design tells on how to approach a potential consumer. The marketing designs are of the function of collecting information from a consumer or customer..they are;
• Exploratory Research Method
• Casual Research Method
• Descriptive Research Method.
The Exploratory Research Method: This type of research design is used when trying to gain familiarity with an existing phenomenon and acquiring new insight into the form of a more precise problem. Thus, it begins with the general idea of both the marketer and consumer on the outcome of information used to solve or find out the issue with the topic of research. This type of research is usually conducted to have a better understanding of the existing problem but not usually given conclusive results. In exploratory research, the process of research varies according to the finding of new data or insight. Also referred to as the grounded theory approach, the outcomes of this research provide answers to the questions like what, why, and how.
The Casual Research Method: Causal Research is a research market researchers conduct. Its goal is to establish causal relationships, cause, and effect between two or more variables. With causal research, marketers conduct experiments, or test markets, in a controlled setting. Marketers study how a dependent or response variable, brand sales or brand preference is affected by changes in a variety of predictor or independent variables: retail price, advertising spending, advertising copy, or other promotional activities. Causality is often expressed in a predictional insight that if this occurs, that happens.
The Descriptive Research Method: These focuses on how to provide an accurate description of something that is occurring. For example, what age group is buying a particular brand; a product’s market share within a certain industry; how many competitors a company faces; etc. This type of research is by far the most popular form of market research. It is used extensively when the research purpose is to explain, monitor, and test hypotheses, and can also be used to a lesser extent to help make predictions and for discovery.
Now, after knowing the approaches. What type of market research do we have. This will take you a long way in handling the consumer diverse want and makes your research a successive marketing business. The two types of market research are;
• Qualitative Research
• Quantitative Research
Qualitative Research; Qualitative research is usually conducted before quantitative research. Qualitative research is conducted among smaller groups of people. It is more exploratory in nature. The information may be used to narrow the number of concepts a company has for specific products. For example, a restaurant may have five meal arrangements they are considering for one menu item. They can’t conduct phone surveys with all these meals because it would be too expensive. Instead, a qualitative company will first narrow the meals down to the most viable concept. And that is the one people select through qualitative research.
It focuses on groups usually consisting of 8 to 12 people. The marketer will usually start out by describing the concept of a product or food item, including the dimensions, flavors, styles, and price. Sometimes, samples of the product are shown. And people may even get to taste food items. However, concepts for more technical products may be limited to just the idea. Therefore, the marketer’s job is to determine the interest level among the group.
The Quantitative Research: Quantitative research usually includes phone, mail, Internet, or in-person interviews. Marketers may do interviews in person if they are speaking with doctors, executives, or other professionals that are hard to reach through phone surveys. These professionals usually have gatekeepers like secretaries, who relentlessly screen their bosses’ calls. Quantitative research is usually conducted in large numbers. In other words, the marketing research agency conducts hundreds of surveys so they can attain a representative sample. A representative sample is one that is statistically valid. The results can be projected with some degree of certainty across the general population.
With this, you can easily draft out your plans on how you will make your marketing research. You can first start by;
• Drafting or identifying your target audience or consumers; This extends to age, location, gender, income, family size/relationship status, interest, education biggest challenges, and goals of the audience or consumers.
• Checking out your competition.
• Engaging with your Audience or Consumers and then;
• Compiling Data.