Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Market research can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level. Market research helps understand what people want, need or believe in. It also involves discovering how they act. Once the research is complete it can be used to decide how to market your specific product and enhance its value.
Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once the research is complete it can be used to decide how to market your specific product. A researcher interacts with the consumers and analyses the information through structured analytical processes. The researcher will draw inferences and conclusions which help and guide the company to act on the given situation.
MARKET RESEARCH HELPS UNDERSTAND
- What is happening in the market?
- What are the trends?
- Who are the competitors?
- How do consumers talk about the products in the market?
- Which needs are important?
- Are the needs being met by current products?
THE WORK INCLUDES
- Creating a business plan
- Launching a new product or service
- Fine tuning existing products and services
- Expanding into new markets
A qualitative market researcher needs to be patient, a good listener and one who can think rationally and also understand a buyer's mind in all age-groups. You need to be very good with your communication skills as you need to interact with different people. The job of a qualitative market researcher is also to understand consumer behaviour and understand their responses to a certain products, services and communication for brands. Subjects you need to be good at in schools are Maths, Psychology and Sociology.
SCOPE OF THE JOB
Scope for a qualitative researcher is with large MR industries global and Indian.Large or small, there is always a need for good researchers. The scope is immense as different companies are moving towards a research orientation for understanding their markets better.
- Indian Institute of Management, Diamond Harbour Road Joka, Kolkata (Calcutta) - 700104. Telephone: 033 24679178. Website: www.iimcal.ac.in
- XLRI, Jamsedhpur. Circuit House Area(east). Jamshedpur 831001, Jharkhand,India. Phone: 0657 3983333, 657-222-7814. Website: firstname.lastname@example.org
Laila Sethna, is a market researcher, who has worked with a lot of international brands and is currently working with Research Bureau.