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.
Establishing research design and strategy

The process of collecting and analyzing data, using specified procedure is called as market research design. It also includes systematic identification, data collection and decision making. The reasons why a market research is devised often varies, though general purpose of gathering information and decision making always same. In this process selecting a research that suits best for a particular problem is crucial.

The first step in establishing a research design is the identification and definition of the problem, which is nothing but making clear what is the problem, to which you are going to find out solutions for. Once the problem is identified, you need to develop an approach like, what kind of treatment the problem needs. The next step is research design. Research design is the process of laying out the steps which has to be involved. This is the stage, where the right research method and sample is designed and decided.

Once the method is determined, data collection is the next step. There are many ways available to collect the data. Survey, ethnography, observation, interviews, discussion, experiment and focus group are some of the methods can be used. Data analysis is the next stage where carefully collected data will be analyzed. It needs plenty of experience to analyze the data and come to a conclusion. The final stage is the report presentation which is nothing but, presenting the data and analysis, into a presentable form which everyone can understand.

The following are the research methods used in market research

  • Exploratory Market Research

    A hypothesis will be prepared in the exploratory research method, to achieve goals such as precise goal formulation, concepts clarification, insight gaining, formulating practical ideas etc.

  • Causal Market Research

    Causal research is used to find relationships between variables. A simulation will be created to retrieve behavioral change in this method. The research rely more on laboratory and field experiments.

  • Descriptive Market Research

    As the name suggests descriptive research is used to get more elaborate answers to analyze the perceptions. The descriptions collected may be regarding, to find users of a product or to find proportion of a product's users or to predict the future of a product.
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