Market Research Service

Market research for business planning is a documented investigation of a particular market that a company uses to inform its planning decisions around inventory, procurement, work force expansion or contraction, facility expansion, promotional activities, new products, etc. Managers make such decisions using market analysis data. A large number of market analysis techniques are related to sales forecasting, while others are more general techniques for analyzing particular markets.

Market research for new products usually aims to discover what potential customers want, need or believe and how they act. Once such research is completed, it can be used to determine how to market a particular product. Questionnaires and focus group discussion surveys are some of the instruments which can be used for market research. In general, there are three areas which need to be investigated:

  • Market information. Obtain information about the prices of different commodities in the market and about the current supply and demand situation.
  • Market segmentation. Obtain information about the division of the market or population into subgroups with similar motivations. This can be used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences.
  • Market trends. Obtain information about the upward or downward movements of a market during a specific period of time. Derive the size of the market based on the number of potential customers or customer segments.

Besides information about the target market, a company also needs information about its competitors, customers, products and marketing effectiveness. Some steps to be performed as part of this market research are customer analysis, choice modeling, competitor analysis, risk analysis, product research, advertising research and marketing mix modeling.

Twenty20 Consulting Ltd has experienced resources for conducting market research activities for companies, especially market analysis related to new product launches or launches of existing products into new markets.

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  • May 31st, 2009

    Elsevier Launches Health Sciences E-Book Content on ScienceDirect

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