3 examples of market research

Different companies offer different things. Some may be selling specific tools or something that may benefit a large group of people, while others could be offering services catered to another group of people. Either way, companies need feedback in order to best evaluate their position within the market as well as their public image. This is where market research comes into play, as it is the process in which data is collected and analyzed in relation to the current state of the marketplace. Most companies use market research in order to best evaluate their current audience as well. A good example of this is if a company is dedicated to selling video games, they would assess data related to the specific group of people that generally plays video games. Generally speaking, market research contains two specific types of qualities: the first being research collected from direct sources involved in the core audience. The other being data collected from other published and credible sources.

 

Examples of the principal forms of market research

 

• Surveys and questionnaires
• Focus groups
• Trade Journals and other citations

 

Surveys and questionnaires

A company would be likely to want a large group of people to participate in the research, therefore they would need to get their data collected from the widest range and the most number of people possible. Surveys are good for collecting more in depth information from direct sources related to the particular audience. They allow for certain questions to get down to the essentials and gather some accurate information in the outcome. Some of the downsides of this are that certain questions may be unanswerable to some people, as well as the fact that certain other people may not take the survey seriously. All it takes is a few variables to be completely off in order to change the outcome. For the most part, however, they tend to give a general idea of the state of a current audience.

 

Focus groups

For a more personal and individualized approach, a focus group is the perfect way to get a much more direct and emotional response from a potential audience. A focus group is essentially when a small group of people gathers together to try out a product or gather immediate feedback as to the direction of a company. The people gathered are generally common people who sign up based on potential interests or general knowledge of the subject or target audience. They then gather and discuss with each other as they are asked questions about what their opinions are of the product or service they are testing or must give feedback on. With the groups being usually filled with people within the target audience as well as common people, the results can be seen directly in front of the testers and give a good representation of potential responses to certain decisions as well as reactions to products.

 

Trade journals and other citations

In order to maintain a good relationship with an audience, it is important to stay in the loop with the current state of the industry or market on a scholarly level. Looking online and gathering collective data from general audiences' responses can be an easy and eye opening process as people are generally very direct when browsing and fixing their opinions on the internet. Comment sections and like vs. dislike systems can be a very obvious way to gather market research in order to see immediate reactions from passionate people. Consider when a movie trailer is released and the internet goes crazy over casting decisions or stylistic choices. It gets them interested and discussing amongst themselves, which in turn companies can use to monitor results and information.

 

We recommend that you continue updating yourself on the latest trends and acquire the right knowledge. If you want to know more about market research, we invite you to take a look at our Master’s Degree in Marketing and Sales Management.