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Short note: market research
Short answer
Market research systematically collects and analyzes data on demand, customers, and competitors to guide production, pricing, and distribution decisions. It uses surveys, secondary data, and statistical analysis to forecast demand for feasibility studies and reduce product-launch risk.
Write a short note on market research.
Market research is the systematic collection, recording and analysis of data about the market for a product or service, to help management take decisions on production, price, promotion and distribution.
Objectives
- Find the size and growth of demand and the potential customers.
- Learn customer needs, tastes, income level and buying habits.
- Study competitors, their prices and market share.
- Reduce the risk of launching the wrong product or entering the wrong market.
Steps
- Define the problem and objectives.
- Plan the research (type, sources, sample).
- Collect data: primary (survey by questionnaire, interview, observation, experiment, test marketing) and secondary (government statistics, trade reports, past sales records).
- Analyse and interpret the data (statistical tools, regression, trend).
- Prepare the report and make recommendations.
Uses
- Demand forecasting for a new project and feasibility study.
- Product design, pricing and choosing a sales channel.
- Deciding plant capacity.
Its limitations are cost, time and possible sampling or respondent bias.
✓ Answer checked by Claude Opus 5.5 (high effort)