Wednesday, 30 December 2015

Tips on carrying out an effective market research


Image courtesy of KROMKRATHOG at FreeDigitalPhotos.net

Wow! New year is around the corner, excited much. I know I am. Yippee! Today, I will just be giving few tips on carrying out a market research. Every business must carry out a market research before starting their business. This will help the business figure out what products to make. The data that you want to obtain should then be determ├Čned. Data can be gotten from the internet, questionnaires, focus groups, surveys or interviews or databases.

The amount of money you will be willing to spend on the research should be determined, that will be one of the factors that influence your decision on the type of data you will be using. Secondary data are readily available since they have been previously collected and can be obtained easily from databases. Primary data are collected directly from the sources through interviews or questionnaires or focus groups. Both primary and secondary sources can be used to obtain data. If you are going to collect data via primary sources the next thing would be to determine your research sample population. This sample must represent the interest of the various groups in your target market. 

Afterwards, the data collected should then be processed, analysed and interpreted. Thus, they become the information you need to decide on the type of product you want to make, its quality, its price and others.

Keep checking my blog regularly, cheers!


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