market researchThere are two ways to look at the process of market research: From a business standpoint, market research is a way to get answers to important questions before investing a lot of time and money creating a new product or service.

From a consumer standpoint, there are many people who enjoy being a part of the market research process. And they can even make a little money by participating in focus groups and surveys.

There really are only two ways to answer marketing questions ahead of time. You can find out directly or indirectly.

Directly : To find out if people like a specific idea, it is necessary to talk to people and see what they are thinking and feeling. The the many different ways to reach people include:

  • Calling people on the phone
  • Talking to people face to face
  • Sending an e-mail
  • Sending a letter through the mail
  • Assembling people in a group and talk to them

No matter which technique is being used for market research, the goal is to ask a set of questions and get back: A) a set of answers to the questions, and B) new ideas. Part B is important. In many cases you learn things that you never thought about by talking to people.

Indirectly: The indirect way to learn about the marketplace is to look at what’s already out there. How many companies are making a competing product? What are their products like? How do they market them? The fact that there is a competing product tells you that there are some customers out there, and you can access your competitor’s market research by looking at the products your competitor is producing. Assuming, that is, that the competitor did any market research.

Normally a set of questions come up that help you understand how the audience is thinking and feeling about a product. The goal of all of these questions is to gain intimate knowledge of the customers. It is important to know exactly what they are thinking and feeling, and why. Once there’s a list of questions, the job is to figure out the best way to ask them.

With effective market research, it is possible to determine the need for a product or a service, a product’s likelihood to sell, target-market demographics, and desirable store locations. There are numerous ways to uncover this information, from online research to focus groups to counting customers.

The market research  Roe Smithson & Asociados Ltda. carries out offers your business to stay in the loop, keeping in touch with the wants and needs of potential consumers. It can halt production of a product that the public shows little or no interest in, or change it, improve it, or lower the price as necessary based on market research information.

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