Market research
Market Research is a very important component Market research is any organized effort to gather information about markets or customers it is process of gathering and evaluation of data regarding consumers' preferences for products and services.

It helps to identify the Specific market of our business and also it helps measure the size and other characteristics of the market.
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DESIGNING A PROPER APPROACH

The steps involve in market research is what called as the approach of the market research. Albeit many kinds of approach and steps are available, the focus is mainly emphasized on the following steps which are considered to be important steps in market research.

Observation

It is a kind of data collection by observing the relevant people, especially their situations and actions. In this research the people are not subjected to an artificial situation, where they may react different from their natural behavior. It is an ethnographical research which involves observation of people in their natural environment. The information gathered will be carefully recorded and used for the consequent analysis.

Ethnographic

It is a kind of data collection, in which questions will be raised to the selected group of people with regard to the culture and behavior. This is performed to read people who are grouped in a certain category. It is used to acquire descriptive details of social life and their life style details from the selected samples.

Survey

Surveys are widely used method for data collection. All the quantitative market analysis methods uses this pattern because, over the years it has proven its reliability and validity. It is useful in collecting descriptive information regarding their knowledge, perception, buying capacity and behavior etc.

Experimentation

This is one of the methods in data collection, in which quality and psychology is more focused than the quantity. The results will be collected after the samples have been subjected to certain situation and the researcher will get to know about how these samples react in such situations.

It tends to explain relationship between cause and effect. In this method, groups of people and treatments will be vary, and decided according to the research topic.

Timeframe

A realistic time frame will help to finish the market research on time. That is giving appropriate time for each process. An elaborate work chart can be created and following according time table will ensure the result on expected time. Especially for the business which operates in cycles, has to have a target date which will yield the best accessibility to the market.

For example, a student's note book company would want conduct a market research before or around the school reopening. A proper market research time table will help to finish that in stipulated time. The time frame depends on the type and depth of the market research. Time frame for a market research may be short, sometimes may go up to 3 months, and some research may even go more than that.

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