Planning and Conducting market research

Market Research: This is the process of gathering, analysing and interpreting information about a market, a product or a service to be offered for sale in that market.
Importance: Good market research can identify opportunities, refine marketing strategies, and avoid costly mistakes.
Primary and Secondary Research: Primary research involves gathering new data, typically through surveys or observation; secondary research involves using data that already exists, such as market reports or sales data.

Identify needs: Understand what information you need to answer your research questions.
Choose research methods: Decide on whether to use primary or secondary research and select the most appropriate methods.
Develop a research plan: This should specify exactly what data will be gathered, from whom, how, and when.
Set a budget: Research methods can vary greatly in cost, so it’s essential to establish how much can be spent.

Collect data: Use surveys, interviews, observation or documents to gather information.
Record the results: Use a consistent and reliable method to record and organise the data you gather.
Analyse the data: Interpret the data to draw conclusions and insights.

Use findings to inform business strategy: The insights gained from market research can shape your products, pricing, promotion, distribution and more.
Monitor market trends: Regular market research can help identify changes in market conditions and customer preferences.
Measure success: Use market research to assess the effectiveness of business strategies and make necessary improvements.