From ESOMAR
When you start thinking about your own market research project, it can be pretty daunting. There are so many things you need to know, so many questions to ask. It might help to know that primarily there are following just four basic purposes of market research:
1. ANALYZING THE MARKET: It helps assess the market potential of a new product, service, or business. It can also help choose sites for a new business or outlet.
2. ANALYZING THE MARKET’S RESPONSE: It intends to calculate product or service potential in the market. These studies can (and probably should) be conducted before a product is introduced. But this type of survey can also be conducted later to improve marketing or the product.
3. ANALYZING THE EFFECTIVENESS OF ADVERTISING OR PROMOTION: It helps develop a message that will get customers’ attention and sell them goods or services. Such studies can also help select the most effective and most cost-effective advertising medium.
4. STRATEGIC PLANNING: It tracks the growth or decline of existing markets and helps discover what products or services (new or existing) will be successful in those markets. Strategic planning research is most likely to be conducted by established firms.
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