market research

Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy

Market Research is the key factor to get advantage over competitors. Market research provides important information to identify and analyze the market need, market size and competition.

Market research,as defined by the ICC/ESOMAR International Code on Market and Social Research, includes social and opinion research, [and] is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.


Market research for business/planning

Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.
Questionnaires and focus group discussion surveys are some of the instruments for market research.
For starting up a business, there are some important things:
Market information
Through Market information one can know the prices of the different commodities in the market, as well as the supply and demand situation. Information about the markets can be obtained from different sources, varieties and formats, as well as the sources and varieties that have to be obtained to make the business work.
Market segmentation
Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences. For B2B segmentation firmographics is commonly used.
Market trends
Market trends are the upward or downward movement of a market, during a period of time. The market size is more difficult to estimate if one is starting with something completely new. In this case, you will have to derive the figures from the number of potential customers, or customer segments.

Commonly-used firmographics include employee size, revenue size, industry, number of locations and location of headquarters. Distributions of values within a firmographic variable, and across organizations, are both of interest, as well as trends over time.

Top 9 of the market research sector 2009
Nielsen Company 5,056.0 2.6
WPP Group - Kantar Group, TNS, Millward Brown, BMRB, IMRB International and Ziment Group 4692 2.5
IMS Health Inc. 1,958.6 8.9
GfK AG 1,397.3 5.4
Ipsos 1,077.0 6.5
Synovate 739.6 9.5
IRI 665.0 6.6
Westat 425.8 0.8
Arbitron


Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes.

Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes.

Based on market research data, businesses can develop a "target audience." A target audience is a specific group of customers that has a distinct need or desire for a product or service. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing market research information, manufacturers and service providers learn where to focus their resources most effectively.