Market Research is the process of gathering real time market information about the market size, competition, perception of people, chances of success of your product before launch and whole lot of other activities.
Suppose you want to launch a new range of juices in the market. You would like to know some of the following things:
1. Who are the people who will buy this juice. ( Old people, kids, women, College going kids)
2. What is the price they are willing to pay for this juice.
3. Where should you sell this juice.
4. What is the container size people prefer.
5. What is the bottle shape people prefer.
6. What taste of juice people prefer?
and a whole lot of questions like these. So you prepare a survey and get it filled by a certain number of people. Then you analyze these results and extrapolate it to the remaining population. This gives you a very good idea about the requirements of the customer which you can then match with your product to have a successful business.
Suppose you want to launch a new range of juices in the market. You would like to know some of the following things:
1. Who are the people who will buy this juice. ( Old people, kids, women, College going kids)
2. What is the price they are willing to pay for this juice.
3. Where should you sell this juice.
4. What is the container size people prefer.
5. What is the bottle shape people prefer.
6. What taste of juice people prefer?
and a whole lot of questions like these. So you prepare a survey and get it filled by a certain number of people. Then you analyze these results and extrapolate it to the remaining population. This gives you a very good idea about the requirements of the customer which you can then match with your product to have a successful business.
