Market research is an ordered effort to gather data about target markets or clients. It is a significant part of business methodology.

Ø  “Research is creating new knowledge”
Market research provides important information that recognizes and breaks down the requirements of the market, the market size, and the challenge. There are two major types of market research: primary research, which is sub-divided into qualitative and quantitative research, and secondary research. Primary research is based on raw data carried by the researcher himself to gather first-hand information, for the current problem. Secondary research is based on analyzed and interpreted information that involves the use of information gathered originally by primary research. Market research techniques include both qualitative methods such as focus groups, in-depth interviews, and ethnography, as well as quantitative methods such as customer reviews, and analysis of secondary data.

·        How it started:
By the 1930s, Ernest Dichter was involved in the focus group technique of qualitative research. For this, he is often described as the 'father of market research’. Dichter applied his strategies on campaigns for significant brands like Chrysler, Exxon/Esso where he used methods from psychology and cultural anthropology to gain customer point of view. Marketing historians refer to this period as the "Foundation Age" of market research.

·        Internet role:
The accessibility of research through the mode of the Internet has influenced a huge number of consumers for gaining facts relating to almost every type of available product and service. It has been added to by the growth factor of emerging global markets, such as China, Indonesia, and Russia, which is significantly exceeding that of the established and more advanced B2B e-commerce markets.

Ø  The Internet has had the biggest impact in this era

 · Uses:
The main task of a marketer is to get the precise product with the true price at the correct place to the exact person. Also, it is needed to go back to the customer and check whether the product is satisfactory or not, so that the customer remains faithful. These aspects made it crucial for marketers to perform marketing research.

The main use of market research is monitoring performance, for example, ad tracking, brand awareness, viewing figures, usage, customer satisfaction, market opportunities, helping to create new products, ideas, campaigns, etc and estimate the turnover of the future organization. Finally, this will also help the consumer to decide whether to launch the business or not.

·        Future Insights:
In the future, DIY market research will come into the point compared to the present and democratize the sector. Agile research, market research in which the requirements and solutions evolve through collaboration between researcher and sponsor will become mainstream and will be facilitated by online communities. Adjacent marketing services like customer engagement, enterprise feedback management, customer advocacy, will become solutions offered by the market research companies of the future.

The future of market research is full of new challenges and golden opportunities. The latest technologies like machine learning and artificial intelligence will enable faster analytics and report design. The researcher, who wants to be successful should learn and hold new technologies available for streamlining and automating data collection and analysis, freeing time for higher-level problem-solving. However, new technology means mastering new tools and developing skill sets outside of the traditional researcher’s background.

Finally, market research helps in providing information that reduces threats and insecurity and increases the probability of business success. The present decisions you make should reflect your future success. The final conclusions should meet your primary objectives; think about what options you have exposed in your study to best meet your larger business objectives.

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