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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SURVEY AND DATA COLLECTION

Survey is a method to collect information about individuals, organizations, services or perceptions etc. There are two basic methods to collect information. Structured interview is a method, where the researcher questions the participant and questionnaire is other method where the participant will be given a booklet and asked to fill the questions. Among the two, questionnaire is widely used technique, contains multiple choice questions, descriptive questions, rating points etc

Survey is often felt as quick and economical way of collecting information for a specific research question. But survey may not be appropriate method to all market research. So the research question should be carefully assessed before a survey is embarked.

Cross sectional surveys and longitudinal surveys are the two different kinds of surveys used.

The following are the research methods used in market research
  • Cross sectional survey
    In cross sectional survey, a single questionnaire will be given to the respondents to get all information filled up. This is most widely used survey method, which will be done in single point of time.
  • Longitudinal survey
    Unlike the cross sectional survey, in this method, data will be gathered from the samples over a planned subsequent point of time. The researcher may gather data over a period of time and then analyze the changes in the sample, which the researcher may attempt to describe later. The longitudinal survey is further divided as trend studies, cohort studies and panel studies.
  • Data collection
    Data collection is an important step in the process of market research. It includes gathering information regarding competitors, customers and market space to improve products and services, create marketing plans and develop new markets. Data collection is the process of collecting required information for a research.
    The primary purpose of data collection is to maintain a record and to make important decisions. The data can be divided as quantitative and qualitative data. There are many ways to gather the required data such as surveys, case studies, knowledge tests, self rating, focus group, interviews, and simulations.
    Data collection may vary from research to research range from simple habits or attitudes questionnaires which is gathered from large consumers to in-home product testing which gathers in-depth consumer perceptions.
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