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Introduction to Market Research

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MARKET RESEARCH ASSIGNMENT I

TOPIC: MARKET RESEARCH – Need, Tools and Examples

ABINAYA NARESH ANANTHAKRISHNAN ANANTHAPADMANABHAN P ARUN PRASANNA A.P ASWIN KUMAR U.K

WHAT IS MARKET RESEARCH
Market research is any organized effort to gather information about markets or customers. It is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research provides important information to identify and analyze the market need, market size and competition. Firms conduct research on a continual basis to maintain a competitive edge and keep up with market trends. Regardless of whether the business is starting or expanding, market research is vital to understanding the target market and increasing sales.

NEED FOR MARKET RESEARCH
The need for market research arises from the need of information for businesses – information about customer needs, competition, market demand, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment, characterised by frequent:
Changes in technology – enabling newer products and new production processes (e.g. switching of screens to OLEDs)
Changes in consumer tastes –the demand for some products declines, whilst others will grow more popular (e.g. increased demand for android based smart phones over conventional handsets)
Changes in the product ranges of competitors – the introduction of new products by rivals, or pricing policy changes can greatly influence the products demand (e.g. the introduction of the Microsoft X-Box 360 – which has challenged Sony’s PlayStation 3)
Changes in economic conditions – a…...

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