WHAT IS MARKET RESEARCH?

The term 'market research' is used to describe the process of finding out what people think about a company's products or services. Organisations may use market research to gather opinions, to test new ideas or to find out about a particular target market and their habits. They may also use market research to help understand why something is unsuccessful, or ask researchers to undertake product testing. Mystery shoppers may be used to test out services or check how a product is sold.

Effective market research can help businesses target their sales or services, so they can save money and operate successfully. It can also be helpful before starting a business to check out the prospective market, discover a target audience, or to test prototypes of a new product.

HOW IS MARKET RESEARCH CONDUCTED?

Market research can be done in many ways. Market researchers may use the phone, or conduct face to face research e.g. interviewing people on the street, or by asking them to join an opinion panel or focus group. In recent years, conducting market research online has become popular. There are plenty of sites where you can sign up to complete surveys and receive rewards including cash payments or points which can be converted to vouchers or cash.

Market research can be done directly, but many businesses prefer to use a professional market research company to carry out their investigations, so if you choose to work in this area of market research, you may find yourself conducting telephone surveys, or perhaps running a focus group. Specialist market research companies often have their own staff, working from a call centre or in-house, or they may pay freelancers to conduct the research from their own home. Home working is sometimes a good option, as you can take advantage of flexible working arrangements.

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