Market Research is the process of gathering data about a product/service/software tool in order to know the opinion of the consumers which helps in gathering insights to help you target right market. Market research is also used to map the amount of manpower/workforce available in a given location that is skilled in a specific skill. Why Needed The research can be used to determine how, when, where and to whom a product can be marketed. It is used to predict upcoming demands in the market. Talent research is used to map the desired talent pool based on the location so that it will be easy for the organizations to determine the location in which they can establish their business.
- Market research is a way of getting an overview of consumer’s wants, needs, opinions and beliefs about a certain product or service or a software tool.
- It is essential to keep up with the changing market trends and to know about one’s competitor.
- Market research reports helps to identify the problem area and rectify it.
- It is essential if any industry is looking for new areas of expansion or new business opportunities.
- It helps to discover new customers.
- To locate the target area to start a new business or to expand the existing business.
- It helps to know how far a new product is accepted in the market and what can be done to improve it.
- It helps you to know how viable your new idea is.
- It is necessary to map the desired talent pool that a particular organization is looking for.
How is Market Research Done?
The work of a market researcher is collecting data from different sources depending on the requirements and organizing them and for that she/he should be good in internet surfing skills. Primary research: Whenever a researcher directly collects data or information from a customer or competitor, then it is called primary market research. Usually, primary market research is conducted when sufficient information is not available from secondary research. Primary research is more accurate and expensive when compared to secondary research. Secondary research: Secondary research is the process of collecting information from already available sources. It involves research conducted by other people or organizations. Secondary research may not be as accurate as primary research. The sources include government websites, online job portals, research reports published by other organizations or media, other research companies.
Major Sectors that use Market Research
IT industry: IT market research is vast and multifaceted. It is necessary to know the availability of the desired talent pool for business expansion or to start a new startup. It helps the MNC’s and organizations to take better decisions in terms of expanding the business and discovering new customers and new talent.
Emerging Cities: MNC giants are expanding and due to high competition and high cost in metros they are going beyond tier 1 cities in order to reduce capital and labor cost. To establish their business in emerging tier 2 cities, they need a detailed market research report about the availability of talent, infrastructure facilities, transportation, etc; therefore, market research provides a clear idea about the emerging cities and helps organizations to take better decisions in choosing the right location. Other sectors like healthcare, retail, E-commerce and education also use market research to a great extent.