Because of the great competitiveness and demanding that exists in the market, and let’s not forget about all the new advertising tools that, day by day are getting implementing, it is normal that you may feel insecure before you introduce a new product or service; here is where the marketing research could help you to decide what is the most convenient for your business.
What is a marketing research?
This study is the systematic process about recollecting and analyzing data about the clients, the competition and the market. It is used mostly to eliminate the risk level, that is to say, determines which part of the population will consume certain product or service, based on the characteristics as gender, age, location, etc.
They are two types of marketing research: primary and secondary. The primary marketing research consists in the application of tests like surveys, interviews and field research; thanks to this kind of research we can know which are the market trends, who are the greatest competitors, which products needs the market and what is the opinion from the clients about the products that they are already in the market.
The secondary marketing research is the cheaper and accessible because it used information about other sources that could be applied to new products or products that they are already existent in the market. Very often this kind of research results confusing and may complicate the research, because the information used is not first-hand and cannot fit to the characteristics of the product or service.
Advantages and results from the marketing research
Besides that this research works to know what kind of market you are directed and if the product or service covers some of the real needs, it could help to prevent those mistakes that maybe you have not considered before introducing your product or service in the market. Another of the advantages about this research is the new generation of new products, the implementation of strategies to fixation about prices and monitoring the reaction of the product or service as a consumer.