Conducting An Independent Market Research Study

Market research is a well-organized attempt to collect data about consumers and target markets: learn as much about them as possible. It’s a key ingredient in sustaining competitiveness and a vital element in developing strategy. Market research can help us cut through the hype about market segmentation and consumer behavior. In fact, market research is an essential element of good financial management: it helps us identify what kinds of products and services to offer, what kinds of prices to charge, how to manage customer channels, and how to achieve a favorable long-term cost – versus – price balance.Visit market research for more details.

Market researchers usually conduct field studies over the telephone or postal system, sending out questionnaires to representative sample groups about various aspects of the consumer experience. These studies help researchers answer fundamental questions about customer buying behavior, product attributes, and market relationships. The quality of the research depends on the quality of the sampling technique used, on the response rate from the sample group, and on the frequency with which the researchers survey the participants. Because the validity of data collection depends on the knowledge of the researchers, market research companies often employ survey methods that are well established in the scientific community.

Market research companies that rely on expert surveyors to conduct face-to-face interviews and focus groups may miss some very important qualities to build their statistical models. For example, many firms focus groups may not be representative of the broader consumer base. Firms that rely on data collection methods that are not based on expert opinion also miss opportunities to learn what the general public really thinks about their products and services.

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