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Market Research & Analysis Database
The Market Research Download Database contains listings and business lists for the following subcategories: Internet Products & ServicesMarket Research Consultants, Market Research, Advertising Agencies & Consultants, Marketing & Public Relations and Business Services.
Consumers are a very unpredictable lot. Sometimes when you think you have the product that consumers will take to liking instantly, you soon find out you don’t. Good thing if you find out soon enough what causes the consumer hesitation or outright rejection, before burning all your capital on the product. There are instances when the products’ price is prohibitive, sometimes just tweaking the packaging works. But how do you find out exactly what to change in a product you initially thought was perfect?
There are actually a number of ways to find out. Market research was created specifically to make sense of consumer behavior. When you have enough data to work with, then you will realize consumers are not so unpredictable after all. Market research is the study of consumer preferences, purchasing habits, market structure, competitors, economic trends, technological advances and other factors that affect how the market will accept your product.
Effective market research will give you a basis for your marketing decisions including what types of product to sell to specific market segments, how to position your product against the competition, conceptualizing effective and interesting advertising and promotional campaigns, making price adjustments, choosing which channel to use for distribution and even packaging or changing product perception.
Market research involves a number of techniques. The specific method will depend on the results you want to achieve or the kind of data you want to gather to help you effectively market your product and successfully manage your business.
Some techniques involve product sampling and test marketing to study product acceptance among consumers. This method enables companies to test the market before launching a new product. Establishments may choose to do exit surveys or employ mystery shoppers to determine the level of satisfaction of the customers with the products and services offered and to get a picture of the whole consumer experience. There are also focus group discussions or in-depth interviews. Companies may also search the internet for feedback on their products. This is sometimes more effective than surveys because people tend to be more open in internet forums or even blogs and personal sites when they don’t know their comments are being used for a study.
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