how a given set of products interact with the market. This means how products fluctuate in terms of supply and demand as well as the profit structure. By understanding trends in the markets related to your company’s areas of expertise you can interact with the appropriate markets better, thus improving profits and company health overall.
Market research can be used to figure out which part of the population will buy the service or product. This information is typically arranged in groupings such as variables of gender, age, income level and location. This is a way of finding out just who your target market is.
The overall goal of market research is to tell a company more about what their customers want as well as how to better market their products or services to the target market. Market research helps determine what, if anything, your competitors are doing better in terms of service, product quality and / or marketing.
Another use of market research is to find out how customers feel and talk about a company’s products or services and then use this information to determine if current products and marketing are offering what it is that the target audience has been shown to prefer.
Some market research firms:
- Harris Interactive - http://www.harrisinteractive.com/
- Infosurv – http://www.infosurv.com/
- Arbitron - http://www.arbitron.com
- Jupiter Research - http://www.jupiterresearch.com
Here are some more research articles...
